SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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.
'meeting of the minds'
Statute of limitations
Civil liability
Pension Benefit Guaranty Corporation (PBGC)
2. 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.
Tie-in agreement
Limited jurisdiction
Expropriation
Equity of redemption
3. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Expectation damages (also known as the 'benefit of the bargain')
Horizontal agreement
Unilateral contract
4. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
5. 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.
Remand
Accord
Collective bargaining
Restatement (Second) of Contracts
6. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Motion
Personal jurisdiction
Securities and Exchange Commission
7. A condition that must occur before a duty to perform arises
Materiality
Affirmative defenses
Condition precedent
Process of appealing a case through the three levels of court
8. A condition that occurs at the same time as performance
Export Administration Regulations (EAR)
Superfund
Diminution in value
Condition concurrent
9. 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.'
The Statute of Frauds
Civil liability
Mistake
Rule 506 of Regulation D of the Securities Act
10. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Materiality
Rule of reason
Scienter
Superfund
11. An annual report required by the Exchange Act
Specific performance
Mistake
Deliberation
10-K
12. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Anticipatory repudiation
Chapter 13 of the Code
Product liability
Federal Trade Commission (FTC)
13. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Unilateral mistake
Rule 506 of Regulation D of the Securities Act
Injunction
Promisor's rights (in relation to the beneficiary)
14. Oversees the purchase and sale of securities
Affirmative defenses
Age Discrimination in Employment Act (ADEA)
Employment law
Securities and Exchange Commission
15. Negative causation - due diligence defense - ...
Duty to mitigate
Defenses against liability of misrepresentations or omissions
Specific performance
General Agreement on Tariffs and Trades
16. 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
Defenses against liability of misrepresentations or omissions
Penalty
The Environmental Quality Report
Contract law
17. The person who assigns her rights
Treaties authority
Obligee
Promisee's rights
Specific performance
18. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Remediation
Clean Air Act
Nonexpertized portions
Employment discrimination
19. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Federal Rules of Civil Procedures
Liquidated damages clause
Short swing profits
Foreign Corrupt Practices Act
20. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Answer
Gramm-Leach-Bliley Act
Oral argument
Summons
21. 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
Writ of certiorari
Shareholder primacy
Motion
Undue influence
22. 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.
Regulation S of the Securities Act
Consumer protection
Federal Environmental Pesticide Control Act
Rule 144 of the Securities Act
23. Claims that the defendant has against the plaintiff
Counterclaims
Misstatement or omission
Employment law
Rule of reason
24. A condition that cuts off a pre-existing duty
Condition subsequent
The Social Security Administration
Equal Pay Act (EPA)
Obligor
25. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Promisor's rights (in relation to the beneficiary)
Penalty
General jurisdiction
Section 5 of the Securities Act
26. 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 -
Liquidated damages clause
Civil Law or Code Law
Defenses against liability of misrepresentations or omissions
Effect of delegation
27. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Partial or trivial breach
Res ipsa loquitor
Attorney/client privilege
28. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Summons
Short swing profits
Precedent
National Institute for Occupational Health
29. Place of permanent residence
Any statutory seller
Domicile
Rule 505 of Regulation D of the Securities Act
Negative causation
30. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Standing
Securities and Exchange Commission
Civil Law or Code Law
Expertised portion
31. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
'Definite and certain'
Effect of delegation
Grand jury
Criminal Law
32. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
Federal Rules of Civil Procedures
Res ipsa loquitor
Consideration
33. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Enabling acts
Option contract
Misrepresentation
Equal Pay Act (EPA)
34. 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)
Novation
Changed circumstances that allow a party to be excused from performance under the contract
Deontological
Multilateral treaties
35. 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.
Defined contribution plan
Promisee's rights
A motion of summary judgement
Beneficiary's rights
36. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Specialized federal courts
Res judicata
Demurrer
Regulation S of the Securities Act
37. 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
Counterclaims
Horizontal agreement
Securities Act Registration
Misappropriation theory
38. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Vesting of beneficiary's rights
Procedural unconscionability
Condition precedent
Chapter 11 of the Code
39. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Offer
Counteroffer
Vesting of beneficiary's rights
Pension Benefit Guaranty Corporation (PBGC)
40. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Deontological
General Agreement on Tariffs and Trades
Illusory promise
Charitable contributions
41. Actions designed to permanently reduce the health and safety risk associated with the site.
Pension Benefit Guaranty Corporation (PBGC)
Remediation
'Blue sky' laws
Securities Act Registration
42. Seeks to promote market economics and democratic governments
Clayton Act
Organization for Economic Co-operation and Development (OECD)
Malpractice
Corporate social responsibility
43. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Horizontal agreement
Unilateral mistake
Complete or total integration
Implied contracts
44. 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
Pre-existing duty
Title VII of the Civil Rights Act of 1964
Liability based on intentional tort
Gramm-Leach-Bliley Act
45. When a party unlawfully indicate that he will not perform when the performance is due.
Anticipatory repudiation
Section 11 of the Securities Act
Federal district court
Rule of reason
46. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
The Family and Medical Leave Act
Unconscionability
Liquidated damages clause
47. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Perfected
Securities and Exchange Commission
Social Security Act
Substitutes of consideration
48. The creditor's right to take possession of the property is called foreclosure
Mental incapacity
Foreclosure
Examples of Uniform Laws
Indictment
49. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Precedent
Personal jurisdiction
Equal protection
Executed exchange
50. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests