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. 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






2. It is a pre-trial motion to take out certain matters






3. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






4. Rules of ethics that govern the practice of law and the conduct of lawyers






5. A trust formed to dominate an industry






6. 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






7. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






8. 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


9. 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






10. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






11. A pre-trial motion when the pleadings are vague or ambiguous.






12. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






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






14. 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






15. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






16. Regulates air and water pollution as well as address problems associated with certain toxic substances






17. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






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






19. The obligor does not need to provide consent - but does need to be given notice.






20. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






21. 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






22. A company subject to the Exchange Act






23. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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


24. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






25. 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.






26. Prohibits institutions from discrimination related to credit applications






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






28. Ethical behavior in terms of its consequences ('the end justifies the means')






29. 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






30. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






31. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






32. It is an action to avoid unjust enrichment.






33. 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






34. The documents that parties file in connection with their lawsuit






35. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






37. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






38. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






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






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






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






42. 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.






43. A supervening stature makes a contract illegal - and thereby makes performance impossible






44. 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


45. 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






46. 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


47. It regulates chemical substances






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






49. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






50. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.