Test your basic knowledge |

CLEP Introductory Business Law

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. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






2. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






3. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






4. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






5. Laws created by city councils or county boards - aimed at local matters






6. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






7. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve






8. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






9. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






10. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






11. A trust formed to dominate an industry






12. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






13. 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.






14. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






15. 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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


16. 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 -






17. Regulates the handling of the pesticides being exported from and imported into the U.S.






18. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






19. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






20. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






21. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






22. 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






23. A quarterly report required by the Exchange Act






24. When both parties agree to rescind the contract






25. This is when the appellate court send the case back to the lower court for a new trial.






26. 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.






27. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






28. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






29. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






30. The creditor's security interest in real property






31. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






32. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






33. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






34. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






35. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






36. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






37. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






38. 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






39. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






40. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






41. A company subject to the Exchange Act






42. One of the primary federal federal statutes






43. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






44. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






45. The creditor's right to take possession of the property is called foreclosure






46. Ethical behavior in terms of its consequences ('the end justifies the means')






47. A party's damage award will be reduced by any loss he did or could have avoided.






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'






49. The property that is the subject of a security interest






50. He has the enforceable right against the obligor because he is considered the real party interest.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183