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






2. Contracts that are formed for the intended benefit of some third party.






3. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






4. Administers federal labor laws






5. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






6. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






7. 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






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






9. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






10. 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.






11. 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






12. When a control makes a profit purchasing and selling her shares within a six-month period






13. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






14. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






15. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






16. 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


17. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






18. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.






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






20. When there is no bargained-for exchange - because there is no exchange.






21. A quarterly report required by the Exchange Act






22. 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






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






24. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






25. 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'.






26. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






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






28. The person to whom the right is assigned






29. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






30. An exemption for securities sold outside of the U.S.






31. 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






32. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






33. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






34. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






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






36. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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


37. The obligor does not need to provide consent - but does need to be given notice.






38. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






39. 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.






40. Previous decisions made by decisions - by which the current judges must abide by.






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






42. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






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






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






45. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






46. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






47. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






48. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






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






50. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests