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. The promisor's failure to perform in accordance with the terms of the contract






2. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






3. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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


4. (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)






5. Oversees implementation of this benefit program of the Social Security Act






6. The person who is bringing the suit






7. The documents that parties file in connection with their lawsuit






8. 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.






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






10. Misrepresentation that was made with intent






11. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






12. 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


13. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






14. Place of permanent residence






15. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






16. Prevents discrimination against employees who are 40years old or more






17. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






18. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






19. Actual performance of an obligation






20. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






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






22. Punitive damage - non-economic damages - and attorneys' fees






23. A promise that is inferred from a person's conduct or the circumstances of the transaction






24. The Constitution makes treaties the 'supreme law of the land'






25. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






26. 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






27. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






28. 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






29. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






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






31. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






32. The agreement to create a security interest






33. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






34. When the debtor voluntarily initiates the bankruptcy proceedings






35. 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.






36. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






37. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






38. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






39. 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






40. Treaties entered into between two nations






41. A condition that occurs at the same time as performance






42. When the jury retires to a separate room to decide the outcome of the case.






43. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






44. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






45. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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


46. 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)






47. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






48. Agreements between competitors to set particular prices for their products (a horizontal agreement)






49. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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


50. A company becomes a 'public company' when it issues its securities pursuant to this registration process.