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. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Bilateral Investment Treaty program
Contract law
Unilateral contract
Performance
2. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Duress
Intended beneficiary
Donee beneficiary
Price fixing
3. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Section 4 of the Securities Act
Securities
Foreclosure
Discharge of contract
4. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Appellee or respondent
Assignee
Title VII of the Civil Rights Act of 1964
Chapter 11 of the Code
5. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
Implied terms
Bureau of Customs and Border Protection
Duty to mitigate
6. 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
Lien
Strict liability
Priority of secured transactions
Stare decisis
7. 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
Uniform Laws
Undue influence
Common Law
Judgment n.o.v.
8. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
'due process'
Accord
Undue influence
Strict liability
9. The right of both parties to gain information concerning the other party and her witnesses.
Discharge of contract
Discovery
Legal capacity
Promisee's rights
10. 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
Materiality
Section 11 of the Securities Act
Common Law
Bilateral Investment Treaty program
11. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Process of assignment
Consumer protection
Chapter 13 of the Code
Verdict
12. Actual performance of an obligation
Satisfaction
Assignment of rights
Foreign Sovereign Immunities Act
Demand assurance
13. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Pleadings
General jurisdiction
Mortgage
Reporting company
14. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Secured transaction
Monopoly
Contract with intoxicated persons
Rule 12b (6) motion
15. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Mortgage
Employment law
Exchange Act Regulations
Equal Employment Opportunity Commission (EEOC)
16. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Prosecution
Misappropriation theory
Contracts that prohibit assignment
Contract with intoxicated persons
17. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
National Labor Relations Board (NLRB)
Fair Credit Reporting Act
Organization for Economic Co-operation and Development (OECD)
Section 12(a)(2)
18. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Token consideration
Assignor
Specialized federal courts
19. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Section 12 (a)(1) of the Securities Act
Foreign Corrupt Practices Act
Illusory promise
Unconscionability
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
Stare decisis
Writ of certiorari
'Definite and certain'
Consequential damages
21. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Security agreement
Contract with intoxicated persons
Jurisdiction
Condition subsequent
22. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Changed circumstances that allow a party to be excused from performance under the contract
Gratuitous assignment
Rational basis test
Complete or total integration
23. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Rational basis test
National Labor Relations Board (NLRB)
'meeting of the minds'
Objective standard
24. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
25. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Section 5 of the Securities Act
10-Q
Post-trial motions
'in pari delicto'
26. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Design defect
Lien
Intended beneficiaries of government contract
Direct damages
27. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Rule 505 of Regulation D of the Securities Act
Affirmative defenses
Option contract
Unilateral contract
28. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Private placement
10-K
Employment law
Trust
29. 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.
Condition precedent
Procedural unconscionability
Treaties authority
Verdict
30. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Automatic stay
Duress
Securities Act
Exchange Act Regulations
31. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Commercial speech
Assignee's rights
Securities and Exchange Commission
32. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Subjective intent
Exclusive distributor agreements
Mortgage
Export Administration Regulations (EAR)
33. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Secured transaction
National Ambient Air Quality Standards
Toxic Substances Control Act
General Agreement on Tariffs and Trades
34. A pre-trial motion when the pleadings are vague or ambiguous.
Motion to strike
Diminution in value
Motion for a more definitive statement
Substitutes of consideration
35. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Equal protection
Scienter
Materiality
Restitution
36. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
'Takings'
Export Administration Regulations (EAR)
Common Law
Unemployment compensation laws
37. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Federal question jurisdiction
Priority of secured transactions
Condition
Adhesion
38. A condition that must occur before a duty to perform arises
Termination of an invitation to make an offer
Organization for Economic Co-operation and Development (OECD)
Condition precedent
Duress
39. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Economic waste
Novation
Assignee
Bilateral Investment Treaty program
40. 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.
Criminal Law
Penalty
Foreign Sovereign Immunities Act
Appellate jurisdiction
41. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Effect of delegation
Collective bargaining
National Labor Relations Board (NLRB)
Termination of an invitation to make an offer
42. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Changed circumstances that allow a party to be excused from performance under the contract
Termination of an invitation to make an offer
Contract
Clean Water Act
43. Rules of ethics that govern the practice of law and the conduct of lawyers
Specialized federal courts
Legal ethics
Manufacturing defect
Post-trial motions
44. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Verdict
Collateral
Rules of interpretation of a contract by a court
Chapter 7 of the Code
45. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Export Administration Regulations (EAR)
Promisor's rights (in relation to the beneficiary)
Federal Insurance Contributions Act
Secured transaction
46. The person who assigns her rights
Unjust enrichment
Procedural unconscionability
National Treatment
Obligee
47. Laws that states have passed that aim at regulating securities transactions within their states.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
48. Discrimination based on race or sex
Employment discrimination
Corporate social responsibility
Substantive unconscionability
Securities Exchange Act of 1934
49. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
'Mirror image' rule
Investment contracts
Section 10(b) and Rule 10b-5 of the Exchange Act
50. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Assignment of rights
Organization for Economic Co-operation and Development (OECD)
Federal question jurisdiction
Verdict