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






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






3. When the jury retires to a separate room to decide the outcome of the case.






4. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






5. A promise that is inferred from a person's conduct or the circumstances of the transaction






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






7. An intent to deceive or defraud






8. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






9. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






10. It regulates chemical substances






11. Laws that states have passed that aim at regulating securities transactions within their states.

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


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






13. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






14. 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.






15. 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






16. 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






17. Negative causation - due diligence defense - ...






18. 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






19. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






20. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






21. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






22. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






23. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






24. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






25. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'






26. The person who assigns her rights






27. He has the enforceable right against the obligor because he is considered the real party interest.

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


28. 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


29. Torts and contracts... represents law that regulates the relationships between parties.






30. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






31. 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


32. 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






33. 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






34. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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


35. An exemption for offerings that occur primarily within one state.






36. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






37. An exemption for transactions involving offerings to employees.






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






39. A quarterly report required by the Exchange Act






40. When there is no bargained-for exchange - because there is no exchange.






41. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






42. 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.






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






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






45. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






46. Directors - certain officers - and owners






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






48. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






49. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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


50. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country