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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. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Precedent
Priority of secured transactions
Exclusive dealing agreement
Defined contribution plan
2. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Multilateral treaties
Duties that cannot be delegated
Automatic stay
Model Rules of Professional Conduct
3. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Pleadings
Standing
Unconscionability
Security interest
4. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Vertical agreements
General Agreement on Tariffs and Trades
Per se
5. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Securities and Exchange Commission
Chapter 11 of the Code
Private placement
Assignee
6. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
'Past consideration'
Joint obligation
Specialized federal courts
Duress
7. When a party unlawfully indicate that he will not perform when the performance is due.
Bilateral contract
Anticipatory repudiation
Subject matter jurisdiction
Fraud
8. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Malpractice
Joint obligation
Uniform Commercial Code ('UCC')
National Labor Relations Board (NLRB)
9. The documents that parties file in connection with their lawsuit
Automatic stay
Unemployment compensation laws
Pleadings
A motion of summary judgement
10. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Beneficiary's rights
Domicile
Strict liability
Monopoly
11. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Liquidated damages clause
Section 12(a)(2)
Duty to mitigate
Third party beneficiary
12. 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
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13. Both a rejection and termination of the original offer.
Criminal Trial
Counteroffer
Objective standard
Deontological
14. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Counterclaims
Unconscionability
Section 10(b) and Rule 10b-5 of the Exchange Act
Scienter
15. 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
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16. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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17. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Unjust enrichment
Chapter 13 of the Code
Control persons
Model Rules of Professional Conduct
18. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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19. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Substitutes of consideration
Appellant
Section 5 of the Securities Act
Remediation
20. He has the enforceable right against the obligor because he is considered the real party interest.
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21. Previous decisions made by decisions - by which the current judges must abide by.
Reliance damages
Mental incapacity
Prospectus
Precedent
22. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Federal Trade Commission (FTC)
Levels of courts
Revocability
Securities Act
23. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Restatement (Second) of Contracts
Shareholder primacy
Attachment
A motion of summary judgement
24. 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.
Malpractice
Criminal Law
Defenses against liability of misrepresentations or omissions
Unjust enrichment
25. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Americans with Disabilities Act (ADA)
Content-neutral restrictions
Statute of limitations
Unsecured creditor
26. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Rule of reason
Commencing a lawsuit
Federal Insurance Contributions Act
Regulation S of the Securities Act
27. 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.
Rule of reason
Bureau of Consumer Protection
Sham consideration
Quasi-suspect classification
28. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Prosecution
Rule 506 of Regulation D of the Securities Act
Foreclosure
Unilateral rescission
29. 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
Petit jury
Undue influence
Security interest
Securities and Exchange Commission
30. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Bona fide occupational qualification
Inadequate warning defect`
Levels of courts
Regulation D of the Securities Act
31. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Judgment n.o.v.
Summons
National Institute for Occupational Health
32. Treaties entered into between two nations
Liquidated damages clause
Total breach
Creditor
Bilateral treaties
33. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Design defect
Post-trial motions
Unconscionability
'Quid pro quo'
34. Laws created by city councils or county boards - aimed at local matters
Ordinances
General Agreement on Tariffs and Trades
Rules of interpretation of a contract by a court
Supervening illegality
35. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
'in pari delicto'
Duty to mitigate
Partial or trivial breach
36. Discrimination based on race or sex
Horizontal agreement
Employment discrimination
National Ambient Air Quality Standards
Pension Benefit Guaranty Corporation (PBGC)
37. An intent to deceive or defraud
Strict liability
Substantial performance
Consequentialism
Scienter
38. Inadequate warning of danger - which can be construed as a design defect
Federal question jurisdiction
Judgment n.o.v.
Inadequate warning defect`
Exempt securities and transactions
39. 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
Other constituency statutes
Res ipsa loquitor
Export Administration Regulations (EAR)
Condition subsequent
40. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Secured transaction
Foreign Sovereign Immunities Act
Bilateral investment treaties
Quasi-contract
41. 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
Appellee or respondent
Personal jurisdiction
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Utilitarianism
42. Negative causation - due diligence defense - ...
Employee-at-will
The Council on Environmental Quality
Defenses against liability of misrepresentations or omissions
Pre-existing duty
43. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Foreclosure
Ordinances
Rule 506 of Regulation D of the Securities Act
Product liability
44. 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
Unemployment compensation laws
Motion to strike
Short swing profits
Section 7A of the Clayton Act
45. 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
Environmental Protection Agency (EPA)
Restitution
'Mailbox' rule
Federal question jurisdiction
46. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Federal Trade Commission (FTC)
Fraud
Effect of delegation
Motion to strike
47. The property that is the subject of a security interest
Collateral
Criminal Law
Informed consent
Intended beneficiary
48. Automatic violations of the Sherman Act
Undue influence
Employee-at-will
Public company
Per se
49. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Express contract
Subject matter jurisdiction
Condition concurrent
50. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Writ of habeas corpus
Lanham Act
Consideration
Discharge of contract