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. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Public company
Group boycotts
Taking a contract 'out of the Statute of Frauds'
Misrepresentation
2. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Production quotas
Investment contracts
Promise
Administrative law judges
3. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Criminal Trial
Appellee or respondent
Token consideration
Criminal Law
4. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Employee Retirement Income Security Act (ERISA)
Bilateral contract
Injury-in-fact
5. Ethical behavior in terms of its consequences ('the end justifies the means')
Unilateral contract
Consequentialism
Environmental Protection Agency (EPA)
Concurrent conflict of interests
6. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Reporting company
Oral argument
Suspect classification
Affirm or disaffirm
7. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Sherman Act
Private placement
Social entity or stakeholder theory of the corporation
Complete or total integration
8. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Specific performance
Bona fide occupational qualification
Non-recoverable damages
Economic waste
9. 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
National Labor Relations Board
Trial court
Multilateral treaties
The Council on Environmental Quality
10. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Regulation D of the Securities Act
Chapter 13 of the Code
Intended beneficiary
Subjective intent
11. 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
Motion for a more definitive statement
Unconscionability
Penalty
Gift
12. 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
Employee Retirement Income Security Act (ERISA)
National Labor Relations Board
National Ambient Air Quality Standards
Section 4 of the Securities Act
13. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Companies that are subject to the exchange act (Reporting companies)
Bilateral Investment Treaty program
Supervening illegality
Demand assurance
14. A trust formed to dominate an industry
Monopoly
Answer
Third party beneficiary
'Quid pro quo'
15. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Multilateral treaties
Manufacturing defect
When an assignment becomes void
Scienter
16. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Appellee or respondent
Partial or trivial breach
Economic waste
Defendant
17. 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'.
Preponderance of evidence
Duty to mitigate
Securities Exchange Act of 1934
Changed circumstances that allow a party to be excused from performance under the contract
18. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Gratuitous assignment
Rule 506 of Regulation D of the Securities Act
Tender offers
Exempt securities and transactions
19. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Duty to mitigate
Restitution
Vertical agreements
20. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Ordinances
Restatement (Second) of Contracts
Other constituency statutes
Consequential damages
21. 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
Post-trial motions
Total breach
Incidental beneficiary
Assignee's rights
22. The first court to consider an action
Federal Information Act
Corporate social responsibility
Original jurisdiction
Direct damages
23. 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)
Workers compensation laws
Partial or trivial breach
Deontological
Lanham Act
24. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Civil Law or Code Law
Liability based on intentional tort
Intended beneficiary
Investment contracts
25. A supervening stature makes a contract illegal - and thereby makes performance impossible
Executed exchange
Section 10(b) and Rule 10b-5 of the Exchange Act
Duties that cannot be delegated
Supervening illegality
26. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
National Labor Relations Board (NLRB)
Specific performance
Unilateral contract
Discovery
27. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Legal detriment
Design defect
Option contract
Toxic Substances Control Act
28. The exchange of promises or an exchange of a promise for a performance.
Automatic stay
National Labor Relations Board (NLRB)
Bargained-for-exchange
Secured transaction
29. Administers federal labor laws
Supreme Court powers
Fraud
Substantial performance
National Labor Relations Board
30. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Equal Credit Opportunity Act
Workers compensation laws
Promise
Negative causation
31. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
National Treatment
Petit jury
Liability based on intentional tort
Motion of directed verdict or of dismissal
32. The written set of charges against the defendant - which is presented to a grand jury.
Indictment
Consequential damages
Export Administration Act (EAA)
Examples of Uniform Laws
33. 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.
Securities Exchange Act of 1934
Offer
Who is liable
Procedural unconscionability
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
Stare decisis
Trial court
Any statutory seller
Petit jury
35. 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
Liquidated damages clause
Exclusive dealing agreement
Strict liability
Priority of secured transactions
36. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
The Statute of Frauds
National Environmental Policy Act (NEPA)
Obligor
Federal question jurisdiction
37. 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
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
38. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
39. When a control makes a profit purchasing and selling her shares within a six-month period
Short swing profits
Involuntary proceeding
'clear and present'
Subject matter jurisdiction
40. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Securities
Obligor's rights
Consumer protection
Remand
41. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
Novation
8-K
Consequentialism
42. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Plaintiff
Option contract
Specific performance
When an assignment becomes void
43. Automatic violations of the Sherman Act
The Council on Environmental Quality
Per se
Toxic Substances Control Act
Legal ethics
44. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Novation
Assignee's rights
Domicile
Liability based on intentional tort
45. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Implied contracts
Demurrer
Production quotas
Suspect classification
46. 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
Social entity or stakeholder theory of the corporation
Diminution in value
Quasi-suspect classification
Sham consideration
47. Discrimination based on race or sex
Employment discrimination
Appellant
Unconscionability
Trial court
48. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Remand
Social Security Administration
Quasi-contract
Federal Rules of Civil Procedures
49. 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
Private placement
Title VII of the Civil Rights Act of 1964
'Past consideration'
Parol Evidence Rule
50. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Subject matter jurisdiction
Discharge of contract
Manufacturing defect
Trial court
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