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. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
2. A condition that occurs at the same time as performance
Revocation
Condition concurrent
Bona fide occupational qualification
Diversity jurisdiction
3. 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.
Unilateral mistake
The Social Security Administration
Diversity jurisdiction
Any statutory seller
4. Prohibit discrimination based on pregnancy or childbirth
Mutual mistake
Pregnancy Discrimination ACt
Resource Conservation and Recovery Act
Age Discrimination in Employment Act (ADEA)
5. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Corporate social responsibility
Domicile
Revocation
Material breach
6. A contract that is made where two promises are outstanding.
Standing
Bilateral contract
Creditor beneficiary
Vertical agreements
7. The person to whom the right is assigned
Mutual rescission
Assignee
Unilateral contract
Equal Credit Opportunity Act
8. A trust formed to dominate an industry
Monopoly
Anticipatory repudiation
Condition subsequent
Export Administration Regulations (EAR)
9. The person to extends credit or a loan - and hence the person to whom a debt is owed
Legal detriment
Creditor
Negative causation
Product liability
10. The obligation to establish his claims first
Res ipsa loquitor
Token consideration
Social Security Administration
Burden of proof
11. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Legal detriment
Petit jury
Per se
Investment contracts
12. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Liability based on intentional tort
Collective bargaining
Quasi-contract
Parol Evidence Rule
13. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Rule of reason
Involuntary proceeding
Strict liability
Subject matter jurisdiction
14. It represents notice that a lawsuit has been filed against the defendant
Summons
Condition
Priority of secured transactions
Foreclosure
15. The difference between the value of the property as substantially complete and the value of the property upon full performance
Rule 504 of Regulation D of the Securities Act
Diminution in value
Fair Credit Reporting Act
Accord
16. When a control makes a profit purchasing and selling her shares within a six-month period
Substitutes of consideration
Undue influence
Export Administration Regulations (EAR)
Short swing profits
17. The first court to consider an action
Condition
Administrative law judges
Original jurisdiction
Third party beneficiary
18. 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
Securities Act
Joint obligation
Clean Water Act
Trial court
19. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Remediation
Duties that cannot be delegated
'due process'
Parol Evidence Rule
20. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Strict liability
Manufacturing defect
Group boycotts
Option contract
21. Defenses that would prevent the plaintiff from holding the defendant liable
'due process'
Affirmative defenses
Short swing profits
Charitable contributions
22. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Expertised portion
Regulation D of the Securities Act
Tie-in agreement
Revocability
23. 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.
Specific performance
Nonexpertized portions
Strict liability
Anticipatory repudiation
24. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Res ipsa loquitor
Unilateral contract
Taking a contract 'out of the Statute of Frauds'
Reliance
25. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Section 12(a)(2)
Bargained-for-exchange
Condition subsequent
General jurisdiction
26. The person who is bringing the suit
Companies that are subject to the exchange act (Reporting companies)
Mutual assent
Plaintiff
Social entity or stakeholder theory of the corporation
27. 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
'Quid pro quo'
Public company
Substitutes of consideration
28. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Restitution
Administrative law judges
Exempt securities and transactions
Unemployment compensation laws
29. Oversees the purchase and sale of securities
Condition
Stare decisis
Securities and Exchange Commission
Employee Retirement Income Security Act (ERISA)
30. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Section 7A of the Clayton Act
Affirmative defenses
Restitution and rescission
Legal detriment
31. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Employee-at-will
Design defect
Pre-existing duty
Commencing a lawsuit
32. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Preponderance of evidence
Federal circuit court of appeals and the federal court of appeals
Mistake
Process of assignment
33. 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
Section 10(b) and Rule 10b-5 of the Exchange Act
Executed exchange
Bilateral treaties
Priority of secured transactions
34. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Federal circuit court of appeals and the federal court of appeals
Satisfaction
Materiality
Delegation
35. When the creditor initiates the proceedings.
Clean Air Act
'Ffour corners'
Involuntary proceeding
National Labor Relations Act
36. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Occupational Safety and Health Act
Employee Retirement Income Security Act (ERISA)
Securities
Chapter 11 of the Code
37. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Rules of interpretation of a contract by a court
Procedural unconscionability
Process of assignment
Preponderance of evidence
38. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Indictment
Motion
Content-neutral restrictions
Fair Labor Standards Act (FLSA)
39. 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
Investment contracts
Procedural unconscionability
Quasi-suspect classification
Uniform Commercial Code ('UCC')
40. When there is no bargained-for exchange - because there is no exchange.
Toxic Substances Control Act
Rule 504 of Regulation D of the Securities Act
Gift
Complete or total integration
41. The right to hold a security interest on a debtor's property.
Lien
Specialized federal courts
Burden of proof
Workers compensation laws
42. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Shareholder primacy
Employee Retirement Income Security Act (ERISA)
Materiality
Gratuitous assignment
43. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Defendant
Who is liable
Product liability
Mutual mistake
44. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Clean Water Act
Duties that cannot be delegated
Statutory Seller
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
Equal Employment Opportunity Commission (EEOC)
Rule 147 of the Securities Act
Creditor beneficiary
When an assignment becomes void
46. If the promisor substantially performs under teh contract
Condition concurrent
Partial or trivial breach
Section 12 (a)(1) of the Securities Act
Taking a contract 'out of the Statute of Frauds'
47. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Attorney/client privilege
Pre-existing duty
Unilateral contract
Defined contribution plan
48. 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
Motion for a more definitive statement
Civil liability
Statutory Seller
Per se
49. 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
50. It is an action to avoid unjust enrichment.
Restitution
'de nuvo'
Production quotas
Sham consideration