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. 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






2. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






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






4. 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






5. Discrimination based on race or sex






6. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






7. 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






8. 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


9. Claims that the defendant has against the plaintiff






10. 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.






11. 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






12. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






13. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






14. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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


15. A current report required by the Exchange Act






16. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






17. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






18. 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.






19. The property that is the subject of a security interest






20. 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)






21. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






22. 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






23. Prohibit discrimination based on pregnancy or childbirth






24. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






25. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






26. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






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






28. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






29. A condition that occurs at the same time as performance






30. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






31. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






32. 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


33. The party seeking to appeal the previous court's decision






34. The right to hold a security interest on a debtor's property.






35. The person to whom the right is assigned






36. 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 -






37. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






38. 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.






39. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






40. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






41. 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






42. This is when the appellate court send the case back to the lower court for a new trial.






43. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






44. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






45. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






46. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






47. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






48. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






49. A creditor that does not have a security interest in any of the debtor's property or assets.






50. 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