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. 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
Effect of delegation
Material breach
Americans with Disabilities Act (ADA)
Unconscionability
2. 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
3. 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.
Restitution
Criminal Law
Res judicata
Uniform Commercial Code ('UCC')
4. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Tie-in agreement
Inadequate warning defect`
Civil Law
National Institute for Occupational Health
5. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Performance
Sham consideration
Common Law
Supervening illegality
6. 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
Horizontal agreement
Mutual assent
Bargained-for-exchange
Employee Retirement Income Security Act (ERISA)
7. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Suspect classification
Bureau of Customs and Border Protection
Clean Water Act
Section 12(a)(2)
8. The agreement to create a security interest
Restatement (Second) of Contracts
Security agreement
Defenses against liability of misrepresentations or omissions
Defined contribution plan
9. The person who is bringing the suit
Legal ethics
Plaintiff
A motion of summary judgement
Res ipsa loquitor
10. It regulates chemical substances
Workers compensation laws
Export Administration Act (EAA)
Toxic Substances Control Act
Post-trial motions
11. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Section 12(a)(2)
'Blue sky' laws
Promise
'in pari delicto'
12. 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
Appellee or respondent
Security interest
Contract law
Rule 505 of Regulation D of the Securities Act
13. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Bureau of Customs and Border Protection
Other constituency statutes
Token consideration
14. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
Deontological
Equity of redemption
Writ of habeas corpus
15. 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
Section 7A of the Clayton Act
'clear and present'
Clean Air Act
Chapter 11 of the Code
16. A company subject to the Exchange Act
Equity of redemption
National Labor Relations Act
Reporting company
Prosecution
17. 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.
Federal circuit court of appeals and the federal court of appeals
Complete or total integration
Incidental beneficiary
Employee-at-will
18. 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
Bilateral Investment Treaty program
Scienter
Revocability
Restitution
19. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Liquidated damages clause
Superfund
Attachment
Precedent
20. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
'Mailbox' rule
Common Law
General jurisdiction
Federal circuit court of appeals and the federal court of appeals
21. A person who is not an intended beneficiary
Resource Conservation and Recovery Act
'Ffour corners'
Incidental beneficiary
Title VII of the Civil Rights Act of 1964
22. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Federal Information Act
Lanham Act
Condition precedent
Token consideration
23. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Legal capacity
Federal Trade Commission (FTC)
Market division
Export Administration Regulations (EAR)
24. A party's damage award will be reduced by any loss he did or could have avoided.
Market division
'in pari delicto'
Duty to mitigate
A motion of summary judgement
25. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Proxy
Title VII of the Civil Rights Act of 1964
Adhesion
Scienter
26. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Breach
Burden of proof
Rule 147 of the Securities Act
Bona fide occupational qualification
27. It is a pre-trial motion to take out certain matters
Motion to strike
Token consideration
Unconscionability
Commercial speech
28. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
United States Bankruptcy Code ('Code')
Contracts that prohibit assignment
Appellate jurisdiction
Process of assignment
29. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Unilateral rescission
Fair Labor Standards Act (FLSA)
Equity of redemption
30. 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
Obligor's rights
Deontological
Consideration
Effect of delegation
31. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Pre-existing duty
Involuntary proceeding
Export Administration Act (EAA)
Scienter
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'.
Americans with Disabilities Act (ADA)
Equal protection
Rule 12b (6) motion
Rule 506 of Regulation D of the Securities Act
33. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Sherman Act
Indictment
Chapter 13 of the Code
Unemployment compensation laws
34. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Prosecution
Creditor
The Family and Medical Leave Act
Employee Retirement Income Security Act (ERISA)
35. 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.'
Deliberation
Automatic stay
Duty to mitigate
Assignment of rights
36. A trivial defect in performance (the opposite of material breach).
National Environmental Policy Act (NEPA)
Substantial performance
Section 5 of the Securities Act
Demurrer
37. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Ordinances
General jurisdiction
Fair Credit Reporting Act
Judgment n.o.v.
38. An exemption for certain small offerings
Trial court
Securities Act
Regulation A of the Securities Act
Price fixing
39. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Misstatement or omission
Equal Pay Act (EPA)
National Environmental Policy Act (NEPA)
Liquidated damages clause
40. 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
'de nuvo'
Pre-existing duty
Expectation damages (also known as the 'benefit of the bargain')
Contracts that prohibit assignment
41. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
42. An exemption for offerings that occur primarily within one state.
Injunction
Suspect classification
Strict liability
Rule 147 of the Securities Act
43. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Levels of courts
Design defect
Mutual rescission
Delegation
44. 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
Production quotas
Attorney/client privilege
Anticipatory repudiation
45. 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.
Uniform Commercial Code ('UCC')
Bureau of Consumer Protection
Accredited investor
Reporting company
46. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Perfected
Appellate jurisdiction
Mistake
Process of appealing a case through the three levels of court
47. 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'
Implied terms
Burden of proof
General jurisdiction
Creditor beneficiary
48. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Criminal Trial
10-K
Condition subsequent
Treaties authority
49. Administers federal labor laws
National Labor Relations Board
Oral argument
Expropriation
National Labor Relations Board (NLRB)
50. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183