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 documents that parties file in connection with their lawsuit






2. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






3. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






4. Ethical behavior in terms of its consequences ('the end justifies the means')






5. 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.






6. Obtaining consumer's private financial information under false pretenses






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






8. 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






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






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






11. An exemption for offerings that occur primarily within one state.






12. Oversees implementation of this benefit program of the Social Security Act






13. Defenses that would prevent the plaintiff from holding the defendant liable






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






15. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






16. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






17. 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


18. It regulates chemical substances






19. Laws created by city councils or county boards - aimed at local matters






20. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






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






22. Treaties entered into between two nations






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






24. An exemption for transactions involving offerings to employees.






25. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






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






27. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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


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






29. 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






30. Claims that the defendant has against the plaintiff






31. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






32. 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






33. 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.






34. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






35. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






36. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






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






38. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






39. 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.






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






41. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






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






43. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






44. 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






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






46. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






47. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






48. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.






49. A party's damage award will be reduced by any loss he did or could have avoided.






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