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. 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






2. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






3. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






4. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






5. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






6. A condition that must occur before a duty to perform arises






7. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






8. 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.






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






10. 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






11. The person to whom the right is assigned






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






13. An exemption for transactions involving offerings to employees.






14. Regulates radio - television - and other forms of interstate communications






15. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






16. 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






17. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






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






19. 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






20. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






21. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






22. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






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






24. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






25. 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.






26. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






27. The creditor's right to take possession of the property is called foreclosure






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






29. 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






30. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






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






32. They represent losses that result from other transactions that are dependent upon the breached contract






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






34. 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






35. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






36. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






37. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






38. 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


39. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






40. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






41. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






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






43. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






44. Seeks to promote market economics and democratic governments






45. 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.






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






47. 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)






48. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






49. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






50. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc