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. 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
Sham consideration
Unilateral contract
Appellate jurisdiction
Objective standard
2. When the debtor voluntarily initiates the bankruptcy proceedings
The Family and Medical Leave Act
Voluntarily proceeding
10-K
'Mailbox' rule
3. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Horizontal agreement
Hung jury
Foreign Sovereign Immunities Act
'Mailbox' rule
4. When the jury retires to a separate room to decide the outcome of the case.
'in pari delicto'
Material breach
Federal Communications Commission
Deliberation
5. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Occupational Safety and Health Act
Truth in Lending Act
Changed circumstances that allow a party to be excused from performance under the contract
Donee beneficiary
6. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Superfund
Administrative law judges
Section 4 of the Securities Act
Legal capacity
7. 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
When an assignment becomes void
Control persons
Accredited investor
Chapter 13 of the Code
8. 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
Fraud
Demand assurance
Ordinances
Specific performance
9. Rules of ethics that govern the practice of law and the conduct of lawyers
Unconscionability
Export Administration Act (EAA)
Motion
Legal ethics
10. Misrepresentation that was made with intent
Resource Conservation and Recovery Act
'in pari delicto'
Fraud
Third party beneficiary
11. The documents that parties file in connection with their lawsuit
Pleadings
Legal capacity
Res judicata
Clayton Act
12. 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
Gramm-Leach-Bliley Act
Accredited investor
Chapter 7 of the Code
Group boycotts
13. A condition that must occur before a duty to perform arises
Priority of secured transactions
Effect of delegation
Writ of certiorari
Condition precedent
14. 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.
Equal Employment Opportunity Commission (EEOC)
Americans with Disabilities Act (ADA)
Private placement
Export Administration Regulations (EAR)
15. 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
Direct damages
Complete or total integration
National Ambient Air Quality Standards
Burden of proof
16. 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
Pension Benefit Guaranty Corporation (PBGC)
Short swing profits
Section 7A of the Clayton Act
Unilateral rescission
17. Regulates air and water pollution as well as address problems associated with certain toxic substances
Counteroffer
Environmental Protection Agency
Statute of limitations
Inadequate warning defect`
18. It regulates chemical substances
Toxic Substances Control Act
Changed circumstances that allow a party to be excused from performance under the contract
Contract with intoxicated persons
10-Q
19. 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.
Corporate social responsibility
'Blue sky' laws
Per se
Federal Insurance Contributions Act
20. 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'
Pleadings
Creditor beneficiary
Mental incapacity
Express contract
21. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Performance
Contracts that prohibit assignment
Judgment n.o.v.
Intended beneficiary
22. 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.
Securities
Token consideration
Mistake
Material breach
23. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Statutory Seller
Subjective intent
Adhesion
Concurrent conflict of interests
24. 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
Chapter 11 of the Code
'Infants' or 'minors'
Informed consent
Materiality
25. The difference between the value of the property as substantially complete and the value of the property upon full performance
The Family and Medical Leave Act
Effect of delegation
Diminution in value
Appellate jurisdiction
26. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Horizontal agreement
Investment contracts
Defined benefit plans
Misstatement or omission
27. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Securities
Liability based on intentional tort
Res judicata
28. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Revocability
Consumer protection
Priority of secured transactions
Bilateral investment treaties
29. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Federal Trade Commission (FTC)
Control persons
Age Discrimination in Employment Act (ADEA)
Section 7A of the Clayton Act
30. 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
31. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Occupational Safety and Health Administration (OSHA)
Assignee's rights
Statutory Seller
Common Law
32. Previous decisions made by decisions - by which the current judges must abide by.
Injury-in-fact
Federal district court
Tender offers
Precedent
33. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Excuse of condition
Deliberation
Consideration
Pension Benefit Guaranty Corporation (PBGC)
34. 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
Liquidated damages clause
Chapter 13 of the Code
Parol Evidence Rule
Organization for Economic Co-operation and Development (OECD)
35. 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.
Token consideration
Federal Environmental Pesticide Control Act
Rules of construction
Consumer protection
36. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
37. Laws created by city councils or county boards - aimed at local matters
Unilateral rescission
Commercial speech
Fair Credit Reporting Act
Ordinances
38. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Suspect classification
National Institute for Occupational Health
Adhesion
39. Prohibits institutions from discrimination related to credit applications
Defendant
Anticipatory repudiation
Section 11 of the Securities Act
Equal Credit Opportunity Act
40. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Motion
Legal detriment
Scienter
Expropriation
41. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Obligor's rights
Parol Evidence Rule
Rules of interpretation of a contract by a court
Occupational Safety and Health Act
42. A misrepresentation made with knowledge of its inaccuracy
Scienter
Grand jury
Shareholder primacy
Employment discrimination
43. Contracts that are formed for the intended benefit of some third party.
Third party beneficiary
Quasi-suspect classification
Diminution in value
National Labor Relations Board (NLRB)
44. The first court to consider an action
Original jurisdiction
Rules of construction
Federal Rules of Civil Procedures
Promise
45. The party seeking to appeal the previous court's decision
Statutory Seller
Substantive unconscionability
Supreme Court powers
Appellant
46. 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
Duty to mitigate
Delegation
'clear and present'
Collateral
47. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Section 12 (a)(1) of the Securities Act
'de nuvo'
Securities and Exchange Commission
Pregnancy Discrimination ACt
48. 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
Post-trial motions
Scienter
Informed consent
49. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Duress
Answer
Unjust enrichment
Liability based on intentional tort
50. A pre-trial motion when the pleadings are vague or ambiguous.
Expropriation
Motion for a more definitive statement
Retraction
Clean Air Act