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. 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.






2. The party that won in the previous court trial - but the other party is appealing the decision.






3. 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






4. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






5. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






6. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






7. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






8. 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.






9. 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

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


10. 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






11. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






12. Claims that the defendant has against the plaintiff






13. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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


14. Offering made to purchase all or a portion of the shares of a specific company






15. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






16. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






17. Inadequate warning of danger - which can be construed as a design defect






18. 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






19. 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






20. 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.






21. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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


22. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






23. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






24. 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






25. 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


26. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






27. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






28. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






29. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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


30. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






31. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.






32. An intent to deceive or defraud






33. 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






34. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






35. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






36. 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.






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






38. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






39. A quarterly report required by the Exchange Act






40. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






41. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






42. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






43. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






44. Manages the nation's social security system






45. 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






46. 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.






47. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






48. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






49. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






50. Treaties among several parties that seek to allocate rights and responsibilities among the parties