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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. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Preponderance of evidence
Legal ethics
Diminution in value
Accord
2. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Defendant
Involuntary proceeding
Social Security Administration
3. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Post-trial motions
Appellee or respondent
Process of assignment
Malpractice
4. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Clean Air Act
Economic waste
Chapter 13 of the Code
Market division
5. 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
Expertised portion
Consequentialism
The Environmental Quality Report
Secured transaction
6. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Securities and Exchange Commission
Production quotas
Restitution and rescission
Standing
7. When the debtor voluntarily initiates the bankruptcy proceedings
Expertised portion
Judgment n.o.v.
Voluntarily proceeding
Reliance damages
8. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Intended beneficiary
Rule 504 of Regulation D of the Securities Act
Employee Retirement Income Security Act (ERISA)
Section 4 of the Securities Act
9. Regulates air and water pollution as well as address problems associated with certain toxic substances
'Takings'
Environmental Protection Agency
Effect of delegation
Process of appealing a case through the three levels of court
10. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Beneficiary's rights
Voluntarily proceeding
Bilateral contract
Jurisdiction
11. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Verdict
Substantive unconscionability
Third party beneficiary
Restitution
12. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Adhesion
Securities Act Registration
Sherman Act
Examples of Uniform Laws
13. Legally recognized injury
Substantive unconscionability
Injury-in-fact
Option contract
Commercial speech
14. 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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15. When a party unlawfully indicate that he will not perform when the performance is due.
Legal capacity
Anticipatory repudiation
Obligor's rights
Total breach
16. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
General Agreement on Tariffs and Trades
'de nuvo'
Lien
Prosecution
17. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Concurrent conflict of interests
Trial court
Companies that are subject to the exchange act (Reporting companies)
Duty to mitigate
18. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Assignee's rights
Objective standard
Remand
Concurrent conflict of interests
19. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Res judicata
'in pari delicto'
Equity of redemption
Section 10(b) and Rule 10b-5 of the Exchange Act
20. 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
Exclusive dealing agreement
The Statute of Frauds
Diversity jurisdiction
Automatic stay
21. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Unsecured creditor
Rule of reason
Obligor's rights
Unilateral rescission
22. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Mental incapacity
Legal capacity
Bureau of Consumer Protection
Offer
23. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Equity of redemption
Common Law
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Specific performance
24. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
A motion of summary judgement
Subjective intent
Regulation D of the Securities Act
Stare decisis
25. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Mutual assent
Control persons
Economic waste
Reliance damages
26. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Quasi-suspect classification
Strict liability
Goods
Defenses against liability of misrepresentations or omissions
27. The obligation to establish his claims first
Burden of proof
Express contract
Grand jury
National Environmental Policy Act (NEPA)
28. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Section 12 (a)(1) of the Securities Act
Rule 506 of Regulation D of the Securities Act
Writ of habeas corpus
Preponderance of evidence
29. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
National Environmental Policy Act (NEPA)
'Blue sky' laws
Rule 147 of the Securities Act
Public company
30. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Material breach
'Quid pro quo'
Production quotas
Condition precedent
31. When the jury retires to a separate room to decide the outcome of the case.
Contract with intoxicated persons
Rule 144 of the Securities Act
Deliberation
Content-neutral restrictions
32. 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.
Americans with Disabilities Act (ADA)
The Environmental Quality Report
National Labor Relations Board
Who is liable
33. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Security agreement
Misstatement or omission
Obligor
Termination of an invitation to make an offer
34. Employers make payments to retired employees based on the length of their employment and the wages they received.
Total breach
Defined benefit plans
Consideration
Materiality
35. It represents notice that a lawsuit has been filed against the defendant
Summons
Termination of an invitation to make an offer
Tie-in agreement
Gift
36. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Uniform Commercial Code ('UCC')
Utilitarianism
Assignor
Accredited investor
37. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
10-Q
Affirmative defenses
Promisor's rights (in relation to the beneficiary)
Bilateral Investment Treaty program
38. The first court to consider an action
Proxy
Motion of directed verdict or of dismissal
Original jurisdiction
Anticipatory repudiation
39. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Commencing a lawsuit
Oral argument
Superfund
Federal Rules of Civil Procedures
40. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
National Labor Relations Board (NLRB)
Goods
Unsecured creditor
41. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Complete or total integration
Securities and Exchange Commission
Private placement
Equal Credit Opportunity Act
42. An intent to deceive or defraud
10-K
Security interest
Scienter
Condition precedent
43. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Res judicata
Duty to mitigate
Statute of limitations
Stare decisis
44. The promisor's failure to perform in accordance with the terms of the contract
Breach
Legal ethics
Other constituency statutes
Motion for a more definitive statement
45. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Statutory Seller
Bilateral investment treaties
Trust
Public company
46. 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'
Indictment
Implied terms
Priority of secured transactions
Creditor beneficiary
47. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Discharge of contract
'de nuvo'
Bilateral contract
Diversity jurisdiction
48. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Stare decisis
Motion for a more definitive statement
Retraction
Revocability
49. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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50. The person who is bringing the suit
Condition
Securities Act
Rule 144 of the Securities Act
Plaintiff