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. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Assignee's rights
Duties that cannot be delegated
Answer
Fair Debt Collection Act
2. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Rule 144 of the Securities Act
Multilateral treaties
Affirm or disaffirm
Token consideration
3. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Examples of Uniform Laws
Gift
Americans with Disabilities Act (ADA)
'in pari delicto'
4. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Creditor beneficiary
Undue influence
Equal Employment Opportunity Commission (EEOC)
Substantive unconscionability
5. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Standing
Resource Conservation and Recovery Act
Discharge of contract
Content-neutral restrictions
6. 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 -
Civil Law or Code Law
Clayton Act
Defined benefit plans
Mental incapacity
7. Prohibit discrimination based on pregnancy or childbirth
Workers compensation laws
Utilitarianism
Pregnancy Discrimination ACt
Direct damages
8. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Taking a contract 'out of the Statute of Frauds'
A motion of summary judgement
Substantial performance
Concurrent conflict of interests
9. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Parol Evidence Rule
Unilateral mistake
Retraction
Misappropriation theory
10. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
Regulation D of the Securities Act
Condition subsequent
Pension Benefit Guaranty Corporation (PBGC)
11. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Section 12(a)(2)
Corporate social responsibility
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
12. 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
Reliance damages
Attorney/client privilege
Equal protection
13. 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
Restitution
Perfected
Group boycotts
Unconscionability
14. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Accord
10-K
Truth in Lending Act
Rule 506 of Regulation D of the Securities Act
15. 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.
Penalty
Enabling acts
Employee Retirement Income Security Act (ERISA)
Preponderance of evidence
16. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Clean Air Act
Equal Employment Opportunity Commission (EEOC)
Executed exchange
Group boycotts
17. It is a promise stated in words - either oral or written.
Rule of reason
Express contract
Criminal Trial
Foreign Corrupt Practices Act
18. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Levels of courts
Performance
The Council on Environmental Quality
Examples of Uniform Laws
19. 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
20. The creditor's right to take possession of the property is called foreclosure
Corporate social responsibility
Foreclosure
Effect of delegation
Commercial speech
21. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Securities and Exchange Commission
Goods
Securities Act Registration
Gratuitous assignment
22. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Retraction
Federal question jurisdiction
Market division
Process of assignment
23. 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.
Federal Insurance Contributions Act
Contract with intoxicated persons
United States Bankruptcy Code ('Code')
Assignee
24. Obtaining consumer's private financial information under false pretenses
Securities Act
Exchange Act Regulations
Pretexting
Substantive unconscionability
25. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Revocation
Charitable contributions
Mental incapacity
Bilateral investment treaties
26. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Assignment of rights
Motion to strike
Price fixing
Intended beneficiary
27. 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
Criminal Trial
Workers compensation laws
Duress
Motion for a more definitive statement
28. 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)
Equal Pay Act (EPA)
Substitutes of consideration
Uniform Laws
Export Administration Act (EAA)
29. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Attorney/client privilege
Beneficiary's rights
Quasi-suspect classification
Production quotas
30. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Bilateral investment treaties
Civil liability
Mutual rescission
'Ffour corners'
31. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
32. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Employment law
Section 10(b) and Rule 10b-5 of the Exchange Act
Defenses against liability of misrepresentations or omissions
Demand assurance
33. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Parol Evidence Rule
Treaties authority
Beneficiary's rights
Substantive unconscionability
34. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Regulation A of the Securities Act
Unilateral rescission
Scienter
Defined benefit plans
35. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Delegation
Fair Credit Reporting Act
Process of assignment
36. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Exempt securities and transactions
Price fixing
Satisfaction
Any statutory seller
37. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
38. 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
Assignee
Delegation
'Mirror image' rule
Federal Information Act
39. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Expertised portion
Social Security Administration
Excuse of condition
National Labor Relations Board
40. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Charitable contributions
Contracts that prohibit assignment
Executed exchange
Regulation A of the Securities Act
41. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Horizontal agreement
Employee-at-will
When an assignment becomes void
42. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
43. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
44. 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
Private placement
Restitution
Rule 12b (6) motion
Trial court
45. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Export Administration Regulations (EAR)
Duress
Grand jury
46. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Injunction
Unilateral rescission
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Social Security Administration
47. Actual performance of an obligation
Misrepresentation
Implied contract
Criminal Law
Satisfaction
48. 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
Excuse of condition
Personal jurisdiction
Rule 506 of Regulation D of the Securities Act
49. The party that won in the previous court trial - but the other party is appealing the decision.
Appellee or respondent
Objective standard
National Labor Relations Act
When an assignment becomes void
50. 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
Remediation
Regulation A of the Securities Act
Assignment of rights
Undue influence