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. 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






2. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






3. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






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






5. Administers federal labor laws






6. A contract that is made where two promises are outstanding.






7. If the promisor substantially performs under teh contract






8. 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






9. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






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






11. Offering made to purchase all or a portion of the shares of a specific company






12. Treaties entered into between two nations






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






14. Employers make payments to retired employees based on the length of their employment and the wages they received.






15. It is a pre-trial motion to take out certain matters






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






17. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






18. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






19. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






20. Directors - certain officers - and owners






21. 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






22. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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


23. The agreement to create a security interest






24. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






25. 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.'






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






27. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






28. Treaties between two nations addressing investment concerns






29. A misrepresentation made with knowledge of its inaccuracy






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






31. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






32. An exemption for certain small offerings






33. 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.






34. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






35. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






36. 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).






37. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






38. One of the primary federal federal statutes






39. Regulates radio - television - and other forms of interstate communications






40. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






41. The obligee who officially assigned over his rights






42. A trust formed to dominate an industry






43. 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.






44. 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






45. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






46. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






47. 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.






48. Actual performance of an obligation






49. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






50. A distinct mark or symbol that identifies a business and its products







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

Browse all subjects

Browse all tests

Most popular tests