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. It represents notice that a lawsuit has been filed against the defendant
Mental incapacity
Termination of an invitation to make an offer
Summons
Regulation D of the Securities Act
2. Prohibits institutions from discrimination related to credit applications
Novation
Equal Credit Opportunity Act
Obligee
Perfected
3. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
Verdict
Grand jury
The Council on Environmental Quality
4. Negative causation - due diligence defense - ...
Petit jury
Defenses against liability of misrepresentations or omissions
Levels of courts
Social entity or stakeholder theory of the corporation
5. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Sherman Act
Misstatement or omission
Assignment of rights
Goods
6. A trust formed to dominate an industry
Bilateral Investment Treaty program
Complete or total integration
Clean Water Act
Monopoly
7. This is when the appellate court send the case back to the lower court for a new trial.
Rule 12b (6) motion
Collective bargaining
Remand
Group boycotts
8. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Illusory promise
Statute of limitations
Offer
Clean Water Act
9. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Duty to mitigate
Export Administration Act (EAA)
Limited jurisdiction
Unilateral contract
10. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Offer
Exclusive dealing agreement
Bureau of Consumer Protection
Mutual mistake
11. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Quasi-suspect classification
Shareholder primacy
Secured transaction
Securities and Exchange Commission
12. 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.
Civil liability
Corporate social responsibility
Rule 505 of Regulation D of the Securities Act
Rule 147 of the Securities Act
13. 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.
Toxic Substances Control Act
Private placement
The Family and Medical Leave Act
Duties that cannot be delegated
14. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
National Labor Relations Act
Injunction
Tender offers
National Treatment
15. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
16. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Charitable contributions
The Council on Environmental Quality
Motion of directed verdict or of dismissal
Product liability
17. 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
Counterclaims
Environmental Protection Agency (EPA)
Gramm-Leach-Bliley Act
Bureau of Customs and Border Protection
18. 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
Personal jurisdiction
Prospectus
Retraction
Chapter 13 of the Code
19. A distinct mark or symbol that identifies a business and its products
Demurrer
Trademark
Monopoly
Indictment
20. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Foreign Sovereign Immunities Act
Price fixing
Assignment of rights
Clean Water Act
21. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Rational basis test
Commencing a lawsuit
Environmental Protection Agency (EPA)
Deontological
22. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Unconscionability
Petit jury
Social entity or stakeholder theory of the corporation
Material breach
23. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Defined benefit plans
Gift
Promise
Nonexpertized portions
24. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Substantive unconscionability
General jurisdiction
Attachment
25. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Consideration
Mutual assent
Attachment
Liquidated damages clause
26. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Third party beneficiary
Civil Law or Code Law
Promisee's rights
Concurrent conflict of interests
27. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Plaintiff
Age Discrimination in Employment Act (ADEA)
Demurrer
Expropriation
28. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Social Security Administration
Shareholder primacy
'Quid pro quo'
Employment law
29. Prevents discrimination against employees who are 40years old or more
Duress
Chapter 11 of the Code
Age Discrimination in Employment Act (ADEA)
Changed circumstances that allow a party to be excused from performance under the contract
30. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Regulation D of the Securities Act
Injunction
The Statute of Frauds
Writ of habeas corpus
31. 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
32. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Expectation damages (also known as the 'benefit of the bargain')
Resource Conservation and Recovery Act
Federal circuit court of appeals and the federal court of appeals
Section 5 of the Securities Act
33. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Stare decisis
Automatic stay
The Family and Medical Leave Act
Novation
34. 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
Mutual assent
Employment discrimination
Employee Retirement Income Security Act (ERISA)
Direct damages
35. When the debtor voluntarily initiates the bankruptcy proceedings
Any statutory seller
Voluntarily proceeding
Involuntary proceeding
Superfund
36. 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.
Per se
Malpractice
Equal Employment Opportunity Commission (EEOC)
Specific performance
37. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Federal Rules of Civil Procedures
'due process'
Levels of courts
Joint obligation
38. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Scienter
Strict liability
Effect of delegation
Penalty
39. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Federal Trade Commission (FTC)
Rule 504 of Regulation D of the Securities Act
Expropriation
Pretexting
40. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Shareholder primacy
Demurrer
Securities
41. A situation where one person unfairly benefits from a transaction
Charitable contributions
Equal Credit Opportunity Act
Pleadings
Unjust enrichment
42. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Social Security Act
Criminal Trial
Any statutory seller
Occupational Safety and Health Act
43. 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
44. A party's damage award will be reduced by any loss he did or could have avoided.
The Council on Environmental Quality
Duty to mitigate
Specific performance
Occupational Safety and Health Act
45. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
46. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Writ of certiorari
Price fixing
Grand jury
Gratuitous assignment
47. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Federal circuit court of appeals and the federal court of appeals
Trial court
Quasi-suspect classification
Examples of Uniform Laws
48. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
The Environmental Quality Report
Treaties authority
Contract
Remediation
49. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Petit jury
Remediation
Illusory promise
Section 12 (a)(1) of the Securities Act
50. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
The Council on Environmental Quality
Misappropriation theory
Stare decisis
Charitable contributions
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
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests