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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. If the promisor substantially performs under teh contract
Tender offers
Goods
Workers compensation laws
Partial or trivial breach
2. Place of permanent residence
Sherman Act
Domicile
Mutual assent
Motion to strike
3. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Remand
Pre-existing duty
Domicile
Uniform Laws
4. The documents that parties file in connection with their lawsuit
Pleadings
Federal Insurance Contributions Act
The Environmental Quality Report
Clean Water Act
5. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
Incidental beneficiary
Manufacturing defect
Adhesion
6. Administers federal labor laws
National Labor Relations Board
Equal Pay Act (EPA)
Chapter 13 of the Code
Substantive unconscionability
7. An exemption for offerings that occur primarily within one state.
Federal question jurisdiction
Administrative Procedure Act
Rule 147 of the Securities Act
Federal Trade Commission (FTC)
8. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Resource Conservation and Recovery Act
Bureau of Customs and Border Protection
Obligor
Regulation D of the Securities Act
9. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Shareholder primacy
Prospectus
Implied contract
Prosecution
10. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Civil Law or Code Law
Secured transaction
Security interest
11. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Companies that are subject to the exchange act (Reporting companies)
Exchange Act Regulations
Taking a contract 'out of the Statute of Frauds'
Pension Benefit Guaranty Corporation (PBGC)
12. The exchange of promises or an exchange of a promise for a performance.
Bargained-for-exchange
Goods
Procedural unconscionability
Subject matter jurisdiction
13. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Expectation damages (also known as the 'benefit of the bargain')
Fair Debt Collection Act
Federal Communications Commission
Exclusive distributor agreements
14. Obtaining consumer's private financial information under false pretenses
Contracts that prohibit assignment
Administrative Procedure Act
'meeting of the minds'
Pretexting
15. 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
Quasi-suspect classification
Defined contribution plan
Social entity or stakeholder theory of the corporation
16. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
'Definite and certain'
Consideration
Defendant
Collective bargaining
17. A condition that must occur before a duty to perform arises
Section 701 of the Securities Act
Condition precedent
Specialized federal courts
Mistake
18. An exemption for securities sold outside of the U.S.
Secured transaction
Section 5 of the Securities Act
Regulation S of the Securities Act
The Family and Medical Leave Act
19. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Attorney/client privilege
Rule 506 of Regulation D of the Securities Act
Duty to mitigate
Strict liability
20. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Enabling acts
Promisor's rights (in relation to the beneficiary)
Shareholder primacy
Examples of Uniform Laws
21. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Regulation S of the Securities Act
Rule 504 of Regulation D of the Securities Act
Chapter 13 of the Code
Equal Pay Act (EPA)
22. It represents notice that a lawsuit has been filed against the defendant
Summons
Mortgage
Supervening illegality
Material breach
23. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Specialized federal courts
Process of assignment
Section 11 of the Securities Act
Malpractice
24. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Undue influence
Securities Act Registration
Changed circumstances that allow a party to be excused from performance under the contract
Rule of reason
25. Contracts that are formed for the intended benefit of some third party.
Third party beneficiary
Rule 505 of Regulation D of the Securities Act
Federal Trade Commission
Mistake
26. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Section 4 of the Securities Act
Breach
Fair Debt Collection Act
Rule 506 of Regulation D of the Securities Act
27. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Supreme Court powers
Administrative law judges
Remediation
Affirm or disaffirm
28. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Expropriation
Security interest
Exclusive dealing agreement
Materiality
29. 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
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30. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Defendant
Federal Information Act
Unilateral mistake
Unconscionability
31. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Vesting of beneficiary's rights
Bilateral treaties
Adhesion
Ordinances
32. This is when the appellate court send the case back to the lower court for a new trial.
Per se
Sham consideration
Section 701 of the Securities Act
Remand
33. 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
Jurisdiction
Criminal Law
Personal jurisdiction
Fair Labor Standards Act (FLSA)
34. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Changed circumstances that allow a party to be excused from performance under the contract
Voluntarily proceeding
Bilateral investment treaties
Environmental Protection Agency
35. When there is no bargained-for exchange - because there is no exchange.
Federal Environmental Pesticide Control Act
Pre-existing duty
The Council on Environmental Quality
Gift
36. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Corporate social responsibility
Criminal Trial
Restatement (Second) of Contracts
Price fixing
37. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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38. 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).
Trademark
Direct damages
Manufacturing defect
Breach
39. 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
Process of appealing a case through the three levels of court
Diversity jurisdiction
Promise
Option contract
40. When the debtor voluntarily initiates the bankruptcy proceedings
Hung jury
Voluntarily proceeding
Assignment of rights
Export Administration Regulations (EAR)
41. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Vertical agreements
Burden of proof
Chapter 11 of the Code
Material breach
42. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Appellant
Contracts that prohibit assignment
Control persons
Equity of redemption
43. Oversees implementation of this benefit program of the Social Security Act
Breach
Social Security Administration
Expectation damages (also known as the 'benefit of the bargain')
Excuse of condition
44. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Section 11 of the Securities Act
Attachment
Employment law
Consideration
45. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Parol Evidence Rule
Misrepresentation
Post-trial motions
Implied terms
46. 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
Federal district court
Performance
Chapter 7 of the Code
47. An intent to deceive or defraud
Scienter
Affirm or disaffirm
Expectation damages (also known as the 'benefit of the bargain')
Grand jury
48. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Content-neutral restrictions
Shareholder primacy
'clear and present'
Answer
49. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Consequentialism
Expropriation
General jurisdiction
Standing
50. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Equal Pay Act (EPA)
Substitutes of consideration
Unsecured creditor
Corporate social responsibility