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 right to hold a security interest on a debtor's property.






2. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






3. Actions designed to permanently reduce the health and safety risk associated with the site.






4. Claims that the defendant has against the plaintiff






5. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






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






7. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






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






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






10. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






11. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






12. 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.






13. It is an action to avoid unjust enrichment.






14. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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


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






16. Oversees the purchase and sale of securities






17. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






18. Misrepresentation that was made with intent






19. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






20. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






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






22. The person to extends credit or a loan - and hence the person to whom a debt is owed






23. 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'






24. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






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






26. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






27. Rules of ethics that govern the practice of law and the conduct of lawyers






28. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






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






30. One of the primary federal federal statutes






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






32. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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


33. 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






34. The obligee who officially assigned over his rights






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






36. A situation where one person unfairly benefits from a transaction






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






38. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






39. A pre-trial motion when the pleadings are vague or ambiguous.






40. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






41. It represents a request for the court to take some action. A motion can be filed by a defendant.






42. Actual performance of an obligation






43. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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


44. When the creditor initiates the proceedings.






45. The agreement to create a security interest






46. It is a promise stated in words - either oral or written.






47. Regulates the handling of the pesticides being exported from and imported into the U.S.






48. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






49. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






50. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.