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






2. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






3. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






4. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






5. A company subject to the Exchange Act






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






7. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






8. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






9. Negative causation - due diligence defense - ...






10. When the creditor initiates the proceedings.






11. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






12. The written set of charges against the defendant - which is presented to a grand jury.






13. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






14. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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


15. The promisor's failure to perform in accordance with the terms of the contract






16. It is an action to avoid unjust enrichment.






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






18. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






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






20. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






21. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






22. The person who is bringing the suit






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






24. 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






25. When both parties agree to rescind the contract






26. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






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






28. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






29. 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.






30. Actual performance of an obligation






31. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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


32. Prohibit discrimination based on pregnancy or childbirth






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






34. The obligee who officially assigned over his rights






35. 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






36. A misrepresentation made with knowledge of its inaccuracy






37. Discrimination based on race or sex






38. 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 -






39. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






40. It is a pre-trial motion to take out certain matters






41. 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






42. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele






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






44. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






45. The property that is the subject of a security interest






46. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






47. 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.






48. Employers make payments to retired employees based on the length of their employment and the wages they received.






49. 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)






50. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.