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. 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
Public company
Occupational Safety and Health Act
Prospectus
Third party beneficiary
2. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Rule 506 of Regulation D of the Securities Act
Nonexpertized portions
Rule 147 of the Securities Act
Occupational Safety and Health Act
3. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Termination of an invitation to make an offer
Civil Law
Federal Information Act
Contract with intoxicated persons
4. 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
Criminal Law
Parol Evidence Rule
General Agreement on Tariffs and Trades
Defendant
5. A situation where one person unfairly benefits from a transaction
Counteroffer
Rule 147 of the Securities Act
Unjust enrichment
'Infants' or 'minors'
6. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Chapter 7 of the Code
Occupational Safety and Health Act
When an assignment becomes void
Proxy
7. 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
8. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Accredited investor
Bureau of Customs and Border Protection
Horizontal agreement
Expertised portion
9. 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.
Rational basis test
Chapter 7 of the Code
Materiality
Obligor
10. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Unconscionability
Involuntary proceeding
Perfected
11. If the promisor substantially performs under teh contract
Offer
Security interest
Manufacturing defect
Partial or trivial breach
12. Inadequate warning of danger - which can be construed as a design defect
Voluntarily proceeding
Unilateral rescission
Securities Exchange Act of 1934
Inadequate warning defect`
13. 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
14. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Injury-in-fact
Section 11 of the Securities Act
Rule 12b (6) motion
15. 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.
Total breach
Demurrer
Offer
Gramm-Leach-Bliley Act
16. A quarterly report required by the Exchange Act
Civil Law or Code Law
Motion for a more definitive statement
Design defect
10-Q
17. Misrepresentation that was made with intent
Answer
Fraud
Restatement (Second) of Contracts
Civil Law
18. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Securities
Petit jury
Multilateral treaties
19. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Limited jurisdiction
Counteroffer
Legal detriment
Federal Insurance Contributions Act
20. It is a promise stated in words - either oral or written.
Demand assurance
Deontological
Deliberation
Express contract
21. 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
Per se
Section 701 of the Securities Act
Prosecution
Liability based on intentional tort
22. 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.
Equity of redemption
Federal Rules of Civil Procedures
Group boycotts
Equal Credit Opportunity Act
23. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
24. Legally recognized injury
Administrative law judges
Injury-in-fact
Intended beneficiary
Assignee
25. When the jury retires to a separate room to decide the outcome of the case.
Section 10(b) and Rule 10b-5 of the Exchange Act
Liability based on intentional tort
Goods
Deliberation
26. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Equal Credit Opportunity Act
Tie-in agreement
Direct damages
Creditor beneficiary
27. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Corporate social responsibility
Trust
Promise
Condition subsequent
28. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Securities Exchange Act of 1934
Substitutes of consideration
Materiality
Resource Conservation and Recovery Act
29. An exemption for securities sold outside of the U.S.
Companies that are subject to the exchange act (Reporting companies)
Federal question jurisdiction
Regulation S of the Securities Act
Statutory Seller
30. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Vertical agreements
Rule 505 of Regulation D of the Securities Act
Token consideration
Revocability
31. The promisor's failure to perform in accordance with the terms of the contract
Breach
General jurisdiction
Bureau of Customs and Border Protection
Parol Evidence Rule
32. 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
Perfected
Breach
Condition concurrent
Concurrent conflict of interests
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.
Mental incapacity
Who is liable
National Labor Relations Board (NLRB)
Misstatement or omission
34. 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.).
Adhesion
Regulation A of the Securities Act
Post-trial motions
Deliberation
35. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Grand jury
The Family and Medical Leave Act
United States Bankruptcy Code ('Code')
Pleadings
36. Oversees the purchase and sale of securities
Securities and Exchange Commission
Common Law
Adhesion
Social Security Administration
37. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Writ of certiorari
Exempt securities and transactions
'meeting of the minds'
Donee beneficiary
38. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Promisor's rights (in relation to the beneficiary)
'Past consideration'
Private placement
Judgment n.o.v.
39. 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
Strict liability
Prosecution
Commercial speech
Anticipatory repudiation
40. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Content-neutral restrictions
Federal Environmental Pesticide Control Act
Voluntarily proceeding
10-K
41. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Adhesion
Commercial speech
Rules of interpretation of a contract by a court
Restitution and rescission
42. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Securities and Exchange Commission
Satisfaction
Unemployment compensation laws
Procedural unconscionability
43. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
10-K
Collective bargaining
Rule 506 of Regulation D of the Securities Act
Federal question jurisdiction
44. 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
Securities and Exchange Commission
Any statutory seller
Unemployment compensation laws
Rules of interpretation of a contract by a court
45. 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
Promisor's rights (in relation to the beneficiary)
Appellate jurisdiction
Rule 505 of Regulation D of the Securities Act
Design defect
46. 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
Defined benefit plans
Contracts that prohibit assignment
Collective bargaining
Automatic stay
47. 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.
'de nuvo'
Bureau of Consumer Protection
Novation
Employment law
48. A distinct mark or symbol that identifies a business and its products
Uniform Laws
Liquidated damages clause
Retraction
Trademark
49. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Prospectus
Unconscionability
Total breach
Rules of construction
50. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Mutual assent
Strict liability
Securities Exchange Act of 1934
Securities and Exchange Commission