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. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






2. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






3. An interest in property or collateral granted in order to ensure payment of a debt or obligation






4. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






5. 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.






6. A trivial defect in performance (the opposite of material breach).






7. A company subject to the Exchange Act






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






9. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






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






11. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






12. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






13. An intent to deceive or defraud






14. 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.).






15. Prevents discrimination against employees who are 40years old or more






16. 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


17. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






18. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






19. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






20. 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






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






22. 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


23. The written set of charges against the defendant - which is presented to a grand jury.






24. 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.






25. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






26. 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






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






28. 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






29. When the debtor voluntarily initiates the bankruptcy proceedings






30. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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


31. 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






32. A condition that cuts off a pre-existing duty






33. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






34. Regulates trusts and monopolies






35. 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


36. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






37. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






38. 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


39. 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.






40. The first court to consider an action






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






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






43. 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.






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






45. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






46. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






47. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






48. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






49. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr






50. The promisor's failure to perform in accordance with the terms of the contract