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Test your basic knowledge |
CLEP Introductory Business Law
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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. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Duties that cannot be delegated
Consequential damages
Federal Environmental Pesticide Control Act
Clean Air Act
2. A person who is not an intended beneficiary
Contract with intoxicated persons
Legal detriment
Incidental beneficiary
Regulation D of the Securities Act
3. 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
Motion
Subjective intent
Chapter 11 of the Code
Strict liability
4. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Concurrent conflict of interests
Securities
Misappropriation theory
Affirm or disaffirm
5. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Third party beneficiary
Section 10(b) and Rule 10b-5 of the Exchange Act
Exchange Act Regulations
Corporate social responsibility
6. The party that won in the previous court trial - but the other party is appealing the decision.
Appellee or respondent
Counterclaims
Social Security Administration
Clean Water Act
7. Contracts that are formed for the intended benefit of some third party.
Third party beneficiary
Who is liable
Quasi-suspect classification
Bargained-for-exchange
8. 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
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9. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Deontological
The Environmental Quality Report
Organization for Economic Co-operation and Development (OECD)
Executed exchange
10. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Supreme Court powers
Post-trial motions
Truth in Lending Act
Non-recoverable damages
11. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Consumer protection
Parol Evidence Rule
Remediation
12. Treaties between two nations addressing investment concerns
Verdict
Supervening illegality
Promisee's rights
Bilateral investment treaties
13. The first court to consider an action
Assignee
Treaties authority
Truth in Lending Act
Original jurisdiction
14. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Res ipsa loquitor
Control persons
Mistake
Federal Communications Commission
15. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Who is liable
Administrative law judges
Supervening illegality
Informed consent
16. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
'Takings'
Uniform Commercial Code ('UCC')
Employment law
Clean Air Act
17. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Writ of habeas corpus
Mistake
Securities Act Registration
Concurrent conflict of interests
18. 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
Informed consent
Appellee or respondent
Liquidated damages clause
Answer
19. 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
Bilateral contract
Demand assurance
Duties that cannot be delegated
'Takings'
20. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Fraud
Automatic stay
Misrepresentation
21. 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
Employee Retirement Income Security Act (ERISA)
Equal protection
Intended beneficiary
Administrative law judges
22. Regulates air and water pollution as well as address problems associated with certain toxic substances
Reporting company
Environmental Protection Agency
Stare decisis
Original jurisdiction
23. 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.
Quasi-suspect classification
Collateral
Pension Benefit Guaranty Corporation (PBGC)
Who is liable
24. If the promisor substantially performs under teh contract
Levels of courts
Accredited investor
Workers compensation laws
Partial or trivial breach
25. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Substantive unconscionability
Precedent
Creditor beneficiary
26. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Sham consideration
Section 10(b) and Rule 10b-5 of the Exchange Act
Clayton Act
Shareholder primacy
27. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Revocation
Scienter
Content-neutral restrictions
Subjective intent
28. 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
Bureau of Customs and Border Protection
Objective standard
Security interest
Substantive unconscionability
29. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Unjust enrichment
Informed consent
Fair Debt Collection Act
'de nuvo'
30. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Proxy
Unilateral rescission
Duress
Penalty
31. 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.
Attachment
Total breach
Writ of habeas corpus
Any statutory seller
32. Employers make payments to retired employees based on the length of their employment and the wages they received.
Price fixing
Social entity or stakeholder theory of the corporation
Anticipatory repudiation
Defined benefit plans
33. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Delegation
Injunction
Market division
Restatement (Second) of Contracts
34. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Excuse of condition
Stare decisis
Collective bargaining
Bilateral treaties
35. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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36. 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)
Pleadings
Fair Debt Collection Act
Group boycotts
Statute of limitations
37. When the jury retires to a separate room to decide the outcome of the case.
Reporting company
Equal Credit Opportunity Act
Unilateral rescission
Deliberation
38. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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39. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Hung jury
Legal capacity
Motion of directed verdict or of dismissal
Administrative law judges
40. 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'
Informed consent
Superfund
Creditor beneficiary
Condition concurrent
41. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Mental incapacity
Securities Act Registration
Remediation
Gratuitous assignment
42. Laws that states have passed that aim at regulating securities transactions within their states.
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43. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Pleadings
Oral argument
Restatement (Second) of Contracts
Administrative Procedure Act
44. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
National Ambient Air Quality Standards
Unilateral mistake
Unjust enrichment
Misstatement or omission
45. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Expertised portion
Trust
Bureau of Customs and Border Protection
46. 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
Contract with intoxicated persons
Automatic stay
Foreign Sovereign Immunities Act
Securities
47. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Lanham Act
Res ipsa loquitor
Diversity jurisdiction
Condition
48. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
National Ambient Air Quality Standards
Attachment
Regulation D of the Securities Act
Specific performance
49. A promise that is inferred from a person's conduct or the circumstances of the transaction
Implied contract
Rule of reason
Sherman Act
General Agreement on Tariffs and Trades
50. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Writ of habeas corpus
Implied terms
Secured transaction
Rule 12b (6) motion
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