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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. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Levels of courts
Legal ethics
Pension Benefit Guaranty Corporation (PBGC)
Goods
2. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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3. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Condition subsequent
Section 10(b) and Rule 10b-5 of the Exchange Act
Assignee's rights
4. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
National Ambient Air Quality Standards
Effect of delegation
Any statutory seller
Manufacturing defect
5. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Employment discrimination
Personal jurisdiction
Suspect classification
Unconscionability
6. When a party unlawfully indicate that he will not perform when the performance is due.
Specialized federal courts
Civil liability
Chapter 13 of the Code
Anticipatory repudiation
7. Prohibit discrimination based on pregnancy or childbirth
Market division
Pregnancy Discrimination ACt
Expropriation
'Quid pro quo'
8. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Age Discrimination in Employment Act (ADEA)
Common Law
Section 4 of the Securities Act
Content-neutral restrictions
9. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
The Social Security Administration
Statute of limitations
Limited jurisdiction
Rule 144 of the Securities Act
10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Goods
Securities and Exchange Commission
Prospectus
Lien
11. An annual report required by the Exchange Act
Unilateral mistake
Goods
10-K
Promisee's rights
12. 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
Concurrent conflict of interests
United States Bankruptcy Code ('Code')
Counteroffer
Limited jurisdiction
13. 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
Administrative Procedure Act
Toxic Substances Control Act
Bilateral Investment Treaty program
Consequential damages
14. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Defendant
Clayton Act
Bilateral investment treaties
Termination of an invitation to make an offer
15. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Non-recoverable damages
Occupational Safety and Health Act
Federal Rules of Civil Procedures
Regulation A of the Securities Act
16. 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.
Res ipsa loquitor
Substantive unconscionability
Specific performance
Unconscionability
17. Negative causation - due diligence defense - ...
Unilateral contract
Defenses against liability of misrepresentations or omissions
Consumer protection
Intended beneficiary
18. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Liability based on intentional tort
Revocability
Foreclosure
Beneficiary's rights
19. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Motion
Statutory Seller
Environmental Protection Agency (EPA)
Res judicata
20. It regulates chemical substances
Social Security Act
Counteroffer
Tie-in agreement
Toxic Substances Control Act
21. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Promisee's rights
Contract
Horizontal agreement
Penalty
22. Claims that the defendant has against the plaintiff
Corporate social responsibility
10-K
Counterclaims
Uniform Commercial Code ('UCC')
23. 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
Petit jury
Liability based on intentional tort
Contract
24. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Liability based on intentional tort
Design defect
Fair Labor Standards Act (FLSA)
Fair Debt Collection Act
25. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
'Definite and certain'
Civil liability
Rule 505 of Regulation D of the Securities Act
Implied terms
26. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Prosecution
Restitution and rescission
Attachment
Americans with Disabilities Act (ADA)
27. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Companies that are subject to the exchange act (Reporting companies)
Group boycotts
Token consideration
Diminution in value
28. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Petit jury
Workers compensation laws
Assignment of rights
Contract law
29. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Regulation A of the Securities Act
Shareholder primacy
Incidental beneficiary
Export Administration Act (EAA)
30. 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
Stare decisis
Enabling acts
Parol Evidence Rule
Tie-in agreement
31. 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
Statute of limitations
Strict liability
Unconscionability
The Environmental Quality Report
32. It is an action to avoid unjust enrichment.
Defendant
Securities Act Registration
Restitution
Clean Water Act
33. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Clean Water Act
Fair Debt Collection Act
Excuse of condition
Hung jury
34. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Bureau of Consumer Protection
Creditor beneficiary
Securities Exchange Act of 1934
Appellant
35. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
The Council on Environmental Quality
Undue influence
Domicile
Production quotas
36. 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
Chapter 11 of the Code
Priority of secured transactions
Restitution
Writ of certiorari
37. Actual performance of an obligation
Performance
Supervening illegality
Economic waste
Satisfaction
38. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Substantial performance
Employee Retirement Income Security Act (ERISA)
Foreign Corrupt Practices Act
Uniform Commercial Code ('UCC')
39. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Rule 147 of the Securities Act
Rule of reason
Total breach
Securities
40. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Attorney/client privilege
Federal Environmental Pesticide Control Act
Fraud
41. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Token consideration
Goods
Tender offers
Environmental Protection Agency (EPA)
42. 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
Unilateral mistake
The Family and Medical Leave Act
Statutory Seller
Bureau of Consumer Protection
43. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Americans with Disabilities Act (ADA)
Parol Evidence Rule
Contracts that prohibit assignment
Defenses against liability of misrepresentations or omissions
44. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Assignment of rights
Excuse of condition
Retraction
Multilateral treaties
45. 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.
Duties that cannot be delegated
Duty to mitigate
Criminal Law
Jurisdiction
46. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Investment contracts
Consequentialism
Assignee
Effect of delegation
47. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Non-recoverable damages
The Social Security Administration
Employment law
Donee beneficiary
48. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Investment contracts
Rules of interpretation of a contract by a court
Counteroffer
Bilateral contract
49. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Section 11 of the Securities Act
Environmental Protection Agency
Strict liability
Bilateral investment treaties
50. Both a rejection and termination of the original offer.
Counteroffer
Preponderance of evidence
Goods
Reporting company