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. 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)
Condition precedent
Deontological
Prosecution
Appellee or respondent
2. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Collective bargaining
Diminution in value
Civil Law
Misappropriation theory
3. When the debtor voluntarily initiates the bankruptcy proceedings
Motion
Clayton Act
National Labor Relations Board
Voluntarily proceeding
4. 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.
Third party beneficiary
Vertical agreements
Bureau of Customs and Border Protection
Misstatement or omission
5. It is an action to avoid unjust enrichment.
Restitution
Res ipsa loquitor
Limited jurisdiction
Private placement
6. 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)
Uniform Laws
'Mailbox' rule
Criminal Law
Duress
7. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
A motion of summary judgement
Criminal Trial
Gratuitous assignment
8. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Incidental beneficiary
Uniform Commercial Code ('UCC')
Unconscionability
9. An annual report required by the Exchange Act
National Institute for Occupational Health
Bilateral treaties
Objective standard
10-K
10. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Accord
Condition concurrent
Superfund
Federal Rules of Civil Procedures
11. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Reporting company
Clean Air Act
Quasi-suspect classification
Contract law
12. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Executed exchange
Fair Debt Collection Act
Mistake
Misappropriation theory
13. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
'in pari delicto'
Securities Act Registration
Market division
Res judicata
14. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
Obligee
Pension Benefit Guaranty Corporation (PBGC)
Third party beneficiary
15. 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
Prospectus
Unconscionability
Unilateral contract
Rule 147 of the Securities Act
16. The obligor does not need to provide consent - but does need to be given notice.
Misstatement or omission
Process of assignment
Tie-in agreement
Appellant
17. 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.
Economic waste
Process of appealing a case through the three levels of court
Product liability
Injunction
18. 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
Administrative law judges
Condition subsequent
Who is liable
Bilateral Investment Treaty program
19. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
'meeting of the minds'
Occupational Safety and Health Act
Bilateral investment treaties
Rules of interpretation of a contract by a court
20. 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.
Chapter 11 of the Code
Horizontal agreement
Diversity jurisdiction
Limited jurisdiction
21. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Direct damages
Appellee or respondent
Sherman Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
22. The party that won in the previous court trial - but the other party is appealing the decision.
Counterclaims
Appellee or respondent
Suspect classification
Anticipatory repudiation
23. Employers make payments to retired employees based on the length of their employment and the wages they received.
Federal Environmental Pesticide Control Act
Third party beneficiary
Defined benefit plans
'Infants' or 'minors'
24. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Intended beneficiaries of government contract
Short swing profits
Incidental beneficiary
25. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Condition precedent
Price fixing
Legal capacity
Implied terms
26. 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.
Plaintiff
Motion of directed verdict or of dismissal
Federal circuit court of appeals and the federal court of appeals
Misstatement or omission
27. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Regulation A of the Securities Act
National Institute for Occupational Health
Restitution
Environmental Protection Agency
28. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Unsecured creditor
Civil Law
Employment law
'Mirror image' rule
29. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Procedural unconscionability
Equal Credit Opportunity Act
Substantive unconscionability
Federal Information Act
30. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Manufacturing defect
Commencing a lawsuit
Informed consent
National Labor Relations Board (NLRB)
31. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Secured transaction
Unilateral rescission
Materiality
Who is liable
32. Discrimination based on race or sex
Employment discrimination
Rule 12b (6) motion
Federal Trade Commission
Penalty
33. The documents that parties file in connection with their lawsuit
Condition subsequent
'Infants' or 'minors'
Defined contribution plan
Pleadings
34. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Intended beneficiary
Federal question jurisdiction
Mutual assent
Exclusive dealing agreement
35. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Regulation S of the Securities Act
Assignee's rights
8-K
Duress
36. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
National Institute for Occupational Health
Contract law
Preponderance of evidence
Export Administration Regulations (EAR)
37. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
Delegation
Complete or total integration
Process of assignment
38. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Production quotas
Regulation A of the Securities Act
Restitution and rescission
Bilateral treaties
39. Laws created by city councils or county boards - aimed at local matters
Pension Benefit Guaranty Corporation (PBGC)
Ordinances
Discharge of contract
Beneficiary's rights
40. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
The Social Security Administration
Securities and Exchange Commission
Collective bargaining
The Statute of Frauds
41. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Equal protection
Economic waste
Obligor
Sherman Act
42. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Duties that cannot be delegated
Production quotas
Accredited investor
Gratuitous assignment
43. Defenses that would prevent the plaintiff from holding the defendant liable
Personal jurisdiction
Effect of delegation
Automatic stay
Affirmative defenses
44. It represents notice that a lawsuit has been filed against the defendant
Summons
Chapter 11 of the Code
Changed circumstances that allow a party to be excused from performance under the contract
Expropriation
45. 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 -
Performance
Civil Law or Code Law
Nonexpertized portions
Bargained-for-exchange
46. 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
Option contract
Export Administration Regulations (EAR)
Termination of an invitation to make an offer
Personal jurisdiction
47. 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
48. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Securities and Exchange Commission
General jurisdiction
10-K
Prosecution
49. 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
Section 5 of the Securities Act
Defenses against liability of misrepresentations or omissions
Involuntary proceeding
Stare decisis
50. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Discovery
'in pari delicto'
Rational basis test
Administrative Procedure Act
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