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. The person who assigns her rights
Mortgage
Obligee
Toxic Substances Control Act
Federal Rules of Civil Procedures
2. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Voluntarily proceeding
Process of appealing a case through the three levels of court
Consequentialism
Bilateral contract
3. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Sherman Act
Strict liability
Monopoly
4. 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.
Rule of reason
Price fixing
Foreign Corrupt Practices Act
Judicial review
5. The obligation to establish his claims first
Prospectus
Burden of proof
Satisfaction
Unemployment compensation laws
6. 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
Foreign Corrupt Practices Act
Section 11 of the Securities Act
Administrative Procedure Act
Direct damages
7. The right of both parties to gain information concerning the other party and her witnesses.
Remediation
Condition precedent
Discovery
Injury-in-fact
8. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Discovery
Design defect
Fraud
Bona fide occupational qualification
9. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Securities and Exchange Commission
Taking a contract 'out of the Statute of Frauds'
Group boycotts
Rational basis test
10. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Unjust enrichment
Duties that cannot be delegated
Criminal Trial
Enabling acts
11. Regulates the handling of the pesticides being exported from and imported into the U.S.
Affirmative defenses
Title VII of the Civil Rights Act of 1964
Implied terms
Federal Environmental Pesticide Control Act
12. 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
Post-trial motions
Regulation A of the Securities Act
Criminal Trial
Federal question jurisdiction
13. 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.
Production quotas
Creditor
Pension Benefit Guaranty Corporation (PBGC)
Undue influence
14. It is an action to avoid unjust enrichment.
Restitution
Condition concurrent
Petit jury
Corporate social responsibility
15. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Perfected
Implied terms
Age Discrimination in Employment Act (ADEA)
Fair Credit Reporting Act
16. 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
Unilateral contract
Unemployment compensation laws
Employee Retirement Income Security Act (ERISA)
Private placement
17. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Accord
Occupational Safety and Health Act
Revocation
Companies that are subject to the exchange act (Reporting companies)
18. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Exclusive distributor agreements
Unemployment compensation laws
Truth in Lending Act
Rule 144 of the Securities Act
19. A condition that occurs at the same time as performance
Securities Exchange Act of 1934
Condition concurrent
Judgment n.o.v.
Bilateral investment treaties
20. 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.
Contract with intoxicated persons
Implied contracts
National Labor Relations Act
Price fixing
21. 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.
Incidental beneficiary
National Treatment
Assignee
Token consideration
22. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Jurisdiction
Trial court
Pleadings
23. The person to whom the right is assigned
Petit jury
Contract with intoxicated persons
Horizontal agreement
Assignee
24. 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
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
25. 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
Prospectus
Tie-in agreement
National Ambient Air Quality Standards
Deliberation
26. 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).
Tie-in agreement
Affirm or disaffirm
Restitution
Undue influence
27. A promise that is inferred from a person's conduct or the circumstances of the transaction
Rational basis test
Implied contract
Multilateral treaties
'Blue sky' laws
28. The property that is the subject of a security interest
Fair Debt Collection Act
Bureau of Customs and Border Protection
Collateral
Mutual rescission
29. 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
Bilateral investment treaties
The Council on Environmental Quality
'Infants' or 'minors'
Donee beneficiary
30. The person being sued
Defendant
Export Administration Act (EAA)
Liquidated damages clause
Resource Conservation and Recovery Act
31. Employers make payments to retired employees based on the length of their employment and the wages they received.
Defined benefit plans
Anticipatory repudiation
Intended beneficiary
Remediation
32. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Pregnancy Discrimination ACt
Subject matter jurisdiction
Securities Exchange Act of 1934
Workers compensation laws
33. Defenses that would prevent the plaintiff from holding the defendant liable
Affirmative defenses
Trust
Unsecured creditor
Contract
34. This is when the appellate court send the case back to the lower court for a new trial.
Involuntary proceeding
Prosecution
Remand
Foreign Sovereign Immunities Act
35. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
A motion of summary judgement
Securities Act
Chapter 11 of the Code
United States Bankruptcy Code ('Code')
36. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Scienter
Lien
Joint obligation
General Agreement on Tariffs and Trades
37. 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)
Effect of delegation
Statute of limitations
Tender offers
Option contract
38. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Section 12(a)(2)
Contract law
Other constituency statutes
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
39. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Proxy
Americans with Disabilities Act (ADA)
Retraction
Intended beneficiaries of government contract
40. 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
Contract law
Substantial performance
Counteroffer
41. The promisor's failure to perform in accordance with the terms of the contract
Promisee's rights
Breach
Fraud
Incidental beneficiary
42. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Contract with intoxicated persons
Jurisdiction
Pretexting
Utilitarianism
43. 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
Private placement
Fair Debt Collection Act
Judgment n.o.v.
Occupational Safety and Health Administration (OSHA)
44. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
Model Rules of Professional Conduct
Who is liable
Criminal Trial
45. 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
Suspect classification
Security interest
Bureau of Consumer Protection
'Takings'
46. 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.
Federal circuit court of appeals and the federal court of appeals
Employment law
Federal Insurance Contributions Act
Securities and Exchange Commission
47. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Examples of Uniform Laws
Affirmative defenses
Bilateral Investment Treaty program
48. When the creditor initiates the proceedings.
Involuntary proceeding
The Environmental Quality Report
Federal circuit court of appeals and the federal court of appeals
Affirmative defenses
49. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Clean Air Act
Misrepresentation
Motion to strike
Uniform Laws
50. 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