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. Negative causation - due diligence defense - ...






2. An exemption for offerings that occur primarily within one state.






3. If the promisor substantially performs under teh contract






4. 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)






5. 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






6. The person to whom the right is assigned






7. Legally recognized injury






8. A quarterly report required by the Exchange Act






9. They represent losses that result from other transactions that are dependent upon the breached contract






10. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






11. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






12. 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


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






14. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






15. 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'






16. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






17. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






18. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






19. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






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






21. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






22. 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.






23. Words or actions an individual may have intended - but did not communicate






24. 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


25. 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 -






26. They represent the amount of money a party has spent in justifiable reliance on a contract.






27. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






28. Contracts that are formed for the intended benefit of some third party.






29. 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.






30. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






31. 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






32. 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






33. 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.






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






35. A misrepresentation made with knowledge of its inaccuracy






36. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






37. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






38. 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.'






39. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






40. 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






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






42. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






43. 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






44. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






45. 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)






46. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






47. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






48. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






49. (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)






50. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state