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Test your basic knowledge |
CLEP Introductory Business Law
Start Test
Study First
Subjects
:
clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Strict liability
Equity of redemption
Charitable contributions
Clean Water Act
2. An annual report required by the Exchange Act
10-K
Retraction
Implied terms
Legal capacity
3. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Specific performance
Title VII of the Civil Rights Act of 1964
Condition concurrent
Clean Air Act
4. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Any statutory seller
Federal question jurisdiction
Criminal Law
Res ipsa loquitor
5. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
A motion of summary judgement
Oral argument
'Past consideration'
Equal Pay Act (EPA)
6. Offering made to purchase all or a portion of the shares of a specific company
Motion
Production quotas
Tender offers
Rule 504 of Regulation D of the Securities Act
7. This is when the appellate court send the case back to the lower court for a new trial.
Satisfaction
Remand
Legal ethics
Assignee
8. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
8-K
Domicile
Nonexpertized portions
Equity of redemption
9. It regulates chemical substances
'Ffour corners'
Toxic Substances Control Act
Attachment
Examples of Uniform Laws
10. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Accredited investor
Misrepresentation
Creditor
Standing
11. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Civil Law
Subject matter jurisdiction
Other constituency statutes
Intended beneficiary
12. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Concurrent conflict of interests
Undue influence
Chapter 11 of the Code
Obligor's rights
13. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
'Infants' or 'minors'
Security agreement
Age Discrimination in Employment Act (ADEA)
General Agreement on Tariffs and Trades
14. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Civil Law
Civil Law or Code Law
Injury-in-fact
Affirm or disaffirm
15. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Securities Act Registration
Priority of secured transactions
Condition concurrent
Federal Trade Commission
16. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Mutual assent
United States Bankruptcy Code ('Code')
Rule 144 of the Securities Act
Examples of Uniform Laws
17. Torts and contracts... represents law that regulates the relationships between parties.
Assignee
Private placement
Secured transaction
Civil Law
18. Regulates radio - television - and other forms of interstate communications
Federal Communications Commission
Rule 144 of the Securities Act
Diversity jurisdiction
Hung jury
19. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Diminution in value
Restatement (Second) of Contracts
The Family and Medical Leave Act
Revocability
20. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Private placement
Joint obligation
Strict liability
Motion
21. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Restitution
10-Q
Chapter 13 of the Code
Materiality
22. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Section 11 of the Securities Act
Hung jury
Content-neutral restrictions
Foreign Sovereign Immunities Act
23. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Remediation
Export Administration Regulations (EAR)
Who is liable
Quasi-contract
24. The party that won in the previous court trial - but the other party is appealing the decision.
Appellee or respondent
Federal question jurisdiction
Section 11 of the Securities Act
Beneficiary's rights
25. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Appellant
Bargained-for-exchange
Accord
26. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Administrative law judges
The Environmental Quality Report
Trial court
Mutual rescission
27. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Stare decisis
Quasi-contract
Duty to mitigate
Rules of construction
28. The documents that parties file in connection with their lawsuit
Concurrent conflict of interests
Vesting of beneficiary's rights
Export Administration Regulations (EAR)
Pleadings
29. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Option contract
Consumer protection
Section 12(a)(2)
Perfected
30. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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31. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Collective bargaining
Expertised portion
Foreign Corrupt Practices Act
The Statute of Frauds
32. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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33. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Civil Law or Code Law
Informed consent
Precedent
Liability based on intentional tort
34. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Chapter 11 of the Code
Occupational Safety and Health Act
'Mailbox' rule
Clayton Act
35. Actual performance of an obligation
Bilateral contract
Satisfaction
Motion for a more definitive statement
Accredited investor
36. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Judgment n.o.v.
Civil liability
Inadequate warning defect`
Occupational Safety and Health Administration (OSHA)
37. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Nonexpertized portions
Plaintiff
Total breach
Sham consideration
38. A creditor that does not have a security interest in any of the debtor's property or assets.
Unsecured creditor
Creditor beneficiary
Employment law
Injunction
39. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Horizontal agreement
Employment discrimination
10-Q
Enabling acts
40. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Section 12 (a)(1) of the Securities Act
Federal Rules of Civil Procedures
Accredited investor
Administrative Procedure Act
41. Prevents discrimination against employees who are 40years old or more
Companies that are subject to the exchange act (Reporting companies)
Age Discrimination in Employment Act (ADEA)
Manufacturing defect
Securities
42. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Attachment
Deontological
Occupational Safety and Health Act
Legal ethics
43. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Unilateral mistake
Petit jury
Production quotas
Post-trial motions
44. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Pretexting
Direct damages
The Statute of Frauds
Obligor
45. They represent the amount of money a party has spent in justifiable reliance on a contract.
Uniform Laws
Informed consent
Reliance damages
Federal circuit court of appeals and the federal court of appeals
46. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
National Labor Relations Board
Uniform Laws
Collective bargaining
Environmental Protection Agency (EPA)
47. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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48. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Satisfaction
Objective standard
Creditor beneficiary
Clean Water Act
49. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Pension Benefit Guaranty Corporation (PBGC)
Commercial speech
Title VII of the Civil Rights Act of 1964
Equal Pay Act (EPA)
50. An exemption for transactions involving offerings to employees.
Condition precedent
Production quotas
Rule 504 of Regulation D of the Securities Act
Section 701 of the Securities Act