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. Oversees implementation of this benefit program of the Social Security Act
Accord
Uniform Commercial Code ('UCC')
Social Security Administration
Unilateral contract
2. 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
3. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Promisee's rights
Fair Debt Collection Act
Clean Water Act
Revocability
4. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Undue influence
Adhesion
Jurisdiction
Complete or total integration
5. A court reference to the notion that there must be mutual agreement about the exchange to be performed
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
6. Place of permanent residence
Counterclaims
Changed circumstances that allow a party to be excused from performance under the contract
Trust
Domicile
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
Adhesion
Motion of directed verdict or of dismissal
Res ipsa loquitor
Condition concurrent
8. Obtaining consumer's private financial information under false pretenses
Pretexting
Liquidated damages clause
Grand jury
Rules of interpretation of a contract by a court
9. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Design defect
Mental incapacity
Appellate jurisdiction
Equal Pay Act (EPA)
10. Treaties between two nations addressing investment concerns
Executed exchange
Federal Information Act
Bilateral investment treaties
Diversity jurisdiction
11. 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
Beneficiary's rights
Process of appealing a case through the three levels of court
Rule 147 of the Securities Act
National Institute for Occupational Health
12. 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.
Petit jury
Security agreement
Vertical agreements
Beneficiary's rights
13. The right to hold a security interest on a debtor's property.
Joint obligation
Revocability
Examples of Uniform Laws
Lien
14. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Joint obligation
Investment contracts
Short swing profits
National Environmental Policy Act (NEPA)
15. Misrepresentation that was made with intent
Mutual rescission
Securities Act Registration
'clear and present'
Fraud
16. 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
Appellate jurisdiction
Discovery
Diversity jurisdiction
Clean Air Act
17. A trivial defect in performance (the opposite of material breach).
Substantial performance
Treaties authority
Reliance damages
Foreclosure
18. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Perfected
Process of appealing a case through the three levels of court
Chapter 13 of the Code
Defined benefit plans
19. 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.
Expectation damages (also known as the 'benefit of the bargain')
Judicial review
Token consideration
Market division
20. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Partial or trivial breach
Intended beneficiary
Answer
21. An exemption for certain small offerings
Unilateral mistake
Prospectus
Limited jurisdiction
Regulation A of the Securities Act
22. 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.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
23. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Public company
Rules of construction
Revocability
Concurrent conflict of interests
24. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Offer
Defined contribution plan
Civil Law or Code Law
Penalty
25. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Equity of redemption
Unilateral contract
Supervening illegality
Standing
26. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Federal Information Act
Fair Labor Standards Act (FLSA)
Sherman Act
Occupational Safety and Health Administration (OSHA)
27. 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.'
Duty to mitigate
Statutory Seller
Offer
Writ of certiorari
28. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Security agreement
Federal district court
Revocation
Section 12(a)(2)
29. A condition that cuts off a pre-existing duty
The Environmental Quality Report
Rule 147 of the Securities Act
Adhesion
Condition subsequent
30. 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
Counteroffer
Proxy
Gramm-Leach-Bliley Act
Substitutes of consideration
31. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Stare decisis
Federal question jurisdiction
Unilateral contract
Fair Labor Standards Act (FLSA)
32. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
33. Rules of ethics that govern the practice of law and the conduct of lawyers
Breach
Indictment
Legal ethics
Prospectus
34. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Design defect
Duties that cannot be delegated
Model Rules of Professional Conduct
Substantive unconscionability
35. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Reporting company
Social entity or stakeholder theory of the corporation
Parol Evidence Rule
Breach
36. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Affirm or disaffirm
Equity of redemption
Demurrer
37. 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.
Rules of construction
Injunction
Liability based on intentional tort
'Infants' or 'minors'
38. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Rule 144 of the Securities Act
Who is liable
Employee Retirement Income Security Act (ERISA)
39. Employers make payments to retired employees based on the length of their employment and the wages they received.
Materiality
Charitable contributions
Equal Employment Opportunity Commission (EEOC)
Defined benefit plans
40. (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
Companies that are subject to the exchange act (Reporting companies)
United States Bankruptcy Code ('Code')
Contract
41. 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
Automatic stay
'in pari delicto'
Mental incapacity
Equity of redemption
42. The obligee who officially assigned over his rights
Retraction
Tender offers
Assignor
Trust
43. It represents notice that a lawsuit has been filed against the defendant
Parol Evidence Rule
Summons
Market division
Shareholder primacy
44. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
45. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Consumer protection
Employment discrimination
Vesting of beneficiary's rights
Verdict
46. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
47. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Criminal Trial
Regulation D of the Securities Act
Consequentialism
Uniform Laws
48. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Vertical agreements
Misappropriation theory
Any statutory seller
Administrative Procedure Act
49. 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.
Appellee or respondent
Section 10(b) and Rule 10b-5 of the Exchange Act
Excuse of condition
Legal capacity
50. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183