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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. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Contract law
Trial court
Title VII of the Civil Rights Act of 1964
Substantial performance
2. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
Substantial performance
Rule 144 of the Securities Act
Statute of limitations
3. Prohibit discrimination based on pregnancy or childbirth
Diversity jurisdiction
Corporate social responsibility
Pregnancy Discrimination ACt
Occupational Safety and Health Administration (OSHA)
4. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Misrepresentation
Any statutory seller
Commencing a lawsuit
Delegation
5. 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
Rules of construction
Consequential damages
'Infants' or 'minors'
Securities Exchange Act of 1934
6. 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
Objective standard
Concurrent conflict of interests
Intended beneficiary
Age Discrimination in Employment Act (ADEA)
7. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Duress
Trust
Social Security Act
8. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Civil liability
Securities and Exchange Commission
Pre-existing duty
Motion
9. 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)
A motion of summary judgement
Creditor
Market division
10. The person to whom the right is assigned
Assignee's rights
Condition concurrent
Assignee
Civil Law
11. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Adhesion
Export Administration Act (EAA)
Direct damages
'de nuvo'
12. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Contract
Obligor's rights
Obligor
Reliance damages
13. Previous decisions made by decisions - by which the current judges must abide by.
Bilateral contract
Supervening illegality
Misstatement or omission
Precedent
14. The Constitution makes treaties the 'supreme law of the land'
Priority of secured transactions
Restitution
Condition precedent
Treaties authority
15. Directors - certain officers - and owners
Control persons
Federal circuit court of appeals and the federal court of appeals
National Environmental Policy Act (NEPA)
Criminal Trial
16. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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17. 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
Misrepresentation
Duress
Diversity jurisdiction
18. 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
The Family and Medical Leave Act
Liability based on intentional tort
Civil Law or Code Law
Liquidated damages clause
19. Discrimination based on race or sex
Employment discrimination
Fair Labor Standards Act (FLSA)
Uniform Commercial Code ('UCC')
Condition concurrent
20. Oversees implementation of this benefit program of the Social Security Act
Supreme Court powers
Specialized federal courts
Social Security Administration
National Labor Relations Board
21. The party seeking to appeal the previous court's decision
Securities and Exchange Commission
Hung jury
Appellant
Expropriation
22. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Taking a contract 'out of the Statute of Frauds'
Hung jury
Corporate social responsibility
Commercial speech
23. The person being sued
Attorney/client privilege
Defendant
Section 7A of the Clayton Act
Assignor
24. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Hung jury
Option contract
Civil liability
Scienter
25. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Expropriation
Pre-existing duty
The Council on Environmental Quality
Securities Act
26. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Unilateral mistake
Trust
Collateral
Federal question jurisdiction
27. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Incidental beneficiary
Federal Information Act
Post-trial motions
28. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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29. The obligor does not need to provide consent - but does need to be given notice.
Motion for a more definitive statement
Process of assignment
Satisfaction
Adhesion
30. A pre-trial motion when the pleadings are vague or ambiguous.
'Definite and certain'
Deontological
Motion for a more definitive statement
Contracts that prohibit assignment
31. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Res judicata
Motion to strike
Exclusive distributor agreements
32. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Tender offers
Equal protection
Rules of interpretation of a contract by a court
Civil Law or Code Law
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
Complete or total integration
Charitable contributions
Regulation S of the Securities Act
Termination of an invitation to make an offer
34. A quarterly report required by the Exchange Act
Section 10(b) and Rule 10b-5 of the Exchange Act
10-Q
Gift
Reliance damages
35. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Securities Act Registration
Rule 144 of the Securities Act
Anticipatory repudiation
Suspect classification
36. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Any statutory seller
Prospectus
Workers compensation laws
Occupational Safety and Health Act
37. An exemption for certain small offerings
Regulation A of the Securities Act
Breach
Section 7A of the Clayton Act
Excuse of condition
38. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 505 of Regulation D of the Securities Act
General jurisdiction
Expectation damages (also known as the 'benefit of the bargain')
Misrepresentation
39. Place of permanent residence
Rule 147 of the Securities Act
Deontological
Section 4 of the Securities Act
Domicile
40. (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)
Utilitarianism
United States Bankruptcy Code ('Code')
'Past consideration'
Multilateral treaties
41. 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)
Uniform Laws
Truth in Lending Act
Motion of directed verdict or of dismissal
Excuse of condition
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
Implied contract
The Family and Medical Leave Act
Age Discrimination in Employment Act (ADEA)
Pension Benefit Guaranty Corporation (PBGC)
43. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Standing
Regulation S of the Securities Act
Indictment
National Environmental Policy Act (NEPA)
44. A creditor that does not have a security interest in any of the debtor's property or assets.
Mutual mistake
Summons
Expectation damages (also known as the 'benefit of the bargain')
Unsecured creditor
45. The right of both parties to gain information concerning the other party and her witnesses.
Shareholder primacy
Discovery
Pregnancy Discrimination ACt
Anticipatory repudiation
46. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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47. 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.
Sham consideration
Accredited investor
Diversity jurisdiction
Private placement
48. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Statute of limitations
Reliance damages
Employee Retirement Income Security Act (ERISA)
Process of appealing a case through the three levels of court
49. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Security interest
Unconscionability
Adhesion
Common Law
50. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Americans with Disabilities Act (ADA)
National Ambient Air Quality Standards
Model Rules of Professional Conduct
Joint obligation