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. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Option contract
Commercial speech
A motion of summary judgement
Chapter 7 of the Code
2. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Liquidated damages clause
Mistake
Superfund
The Environmental Quality Report
3. A situation where one person unfairly benefits from a transaction
Unjust enrichment
Strict liability
Hung jury
Bilateral Investment Treaty program
4. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Affirm or disaffirm
Attorney/client privilege
'in pari delicto'
Chapter 13 of the Code
5. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Sham consideration
Domicile
Beneficiary's rights
Regulation S of the Securities Act
6. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Counteroffer
Substantive unconscionability
Rule 504 of Regulation D of the Securities Act
7. 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
Specific performance
Res ipsa loquitor
Environmental Protection Agency
Liquidated damages clause
8. Actions designed to permanently reduce the health and safety risk associated with the site.
Oral argument
Assignor
Price fixing
Remediation
9. 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.
Effect of delegation
Pension Benefit Guaranty Corporation (PBGC)
Restatement (Second) of Contracts
Revocability
10. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Exempt securities and transactions
Goods
Pre-existing duty
Post-trial motions
11. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
Uniform Laws
Pre-existing duty
Res judicata
12. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Donee beneficiary
'meeting of the minds'
Bilateral contract
13. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Total breach
A motion of summary judgement
Strict liability
14. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Appellee or respondent
Unilateral mistake
Rule 506 of Regulation D of the Securities Act
Plaintiff
15. The person being sued
National Labor Relations Board
Defendant
Injury-in-fact
Per se
16. 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
Proxy
Process of appealing a case through the three levels of court
Control persons
Misappropriation theory
17. Automatic violations of the Sherman Act
Statute of limitations
Per se
10-K
Contract
18. It is a promise stated in words - either oral or written.
Taking a contract 'out of the Statute of Frauds'
Express contract
Utilitarianism
Restitution
19. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Private placement
Occupational Safety and Health Act
Obligee
Burden of proof
20. 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
21. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Truth in Lending Act
Companies that are subject to the exchange act (Reporting companies)
Mistake
22. 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
Pretexting
Environmental Protection Agency (EPA)
Unilateral contract
Gift
23. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Non-recoverable damages
Examples of Uniform Laws
Consequential damages
24. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
25. 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
Rule 12b (6) motion
Commencing a lawsuit
Civil liability
Legal detriment
26. 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
Rules of interpretation of a contract by a court
Accredited investor
Expertised portion
Content-neutral restrictions
27. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Resource Conservation and Recovery Act
Promisee's rights
Group boycotts
Secured transaction
28. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Liquidated damages clause
Unconscionability
Truth in Lending Act
Resource Conservation and Recovery Act
29. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Bilateral Investment Treaty program
Criminal Law
The Council on Environmental Quality
Subject matter jurisdiction
30. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Informed consent
Securities Exchange Act of 1934
Contract
Excuse of condition
31. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
National Labor Relations Act
Attachment
Duty to mitigate
Quasi-contract
32. 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.
Quasi-contract
Model Rules of Professional Conduct
Demurrer
Voluntarily proceeding
33. It is a pre-trial motion to take out certain matters
Motion to strike
Token consideration
10-Q
Negative causation
34. 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
Gramm-Leach-Bliley Act
Uniform Commercial Code ('UCC')
Offer
Price fixing
35. Words or actions an individual may have intended - but did not communicate
Subjective intent
Preponderance of evidence
National Treatment
Trademark
36. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Civil Law
Restatement (Second) of Contracts
Legal ethics
Rule of reason
37. 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).
Attachment
Manufacturing defect
Third party beneficiary
Penalty
38. 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.
Secured transaction
Demand assurance
Judicial review
Tie-in agreement
39. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Mistake
Personal jurisdiction
Chapter 7 of the Code
Monopoly
40. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Expropriation
Exempt securities and transactions
Federal Rules of Civil Procedures
Concurrent conflict of interests
41. 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.
Unjust enrichment
Accredited investor
Section 7A of the Clayton Act
Revocation
42. 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
43. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Donee beneficiary
Private placement
'Ffour corners'
Foreign Corrupt Practices Act
44. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Social entity or stakeholder theory of the corporation
Social Security Administration
Executed exchange
Exchange Act Regulations
45. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Consideration
General jurisdiction
Remand
Discharge of contract
46. 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
Security interest
Bilateral Investment Treaty program
Section 11 of the Securities Act
Promisee's rights
47. Oversees the purchase and sale of securities
Parol Evidence Rule
Securities and Exchange Commission
Chapter 7 of the Code
Uniform Commercial Code ('UCC')
48. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Vesting of beneficiary's rights
Mistake
Negative causation
Concurrent conflict of interests
49. 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.
Discharge of contract
Preponderance of evidence
Organization for Economic Co-operation and Development (OECD)
Mutual assent
50. 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
Reliance
Ordinances
Condition concurrent