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. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Gift
'Takings'
Companies that are subject to the exchange act (Reporting companies)
Security agreement
2. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Fair Labor Standards Act (FLSA)
Standing
Export Administration Regulations (EAR)
Regulation A of the Securities Act
3. Negative causation - due diligence defense - ...
Demand assurance
Defenses against liability of misrepresentations or omissions
Scienter
Implied contracts
4. 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
Satisfaction
Effect of delegation
Option contract
Pension Benefit Guaranty Corporation (PBGC)
5. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
6. 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.
Enabling acts
Utilitarianism
Toxic Substances Control Act
Control persons
7. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
National Labor Relations Board
Offer
Donee beneficiary
National Environmental Policy Act (NEPA)
8. A creditor that does not have a security interest in any of the debtor's property or assets.
Specific performance
Unsecured creditor
Federal Insurance Contributions Act
United States Bankruptcy Code ('Code')
9. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Process of assignment
'Takings'
Reporting company
Clayton Act
10. Both a rejection and termination of the original offer.
Injury-in-fact
Counterclaims
Counteroffer
Chapter 7 of the Code
11. A condition that occurs at the same time as performance
Condition concurrent
Equal Pay Act (EPA)
Materiality
Executed exchange
12. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Process of appealing a case through the three levels of court
Section 11 of the Securities Act
Securities Exchange Act of 1934
Motion of directed verdict or of dismissal
13. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Effect of delegation
Hung jury
Occupational Safety and Health Act
Equal Employment Opportunity Commission (EEOC)
14. An intent to deceive or defraud
Restitution
Scienter
'Past consideration'
Complete or total integration
15. 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
Rules of construction
Incidental beneficiary
Securities
Malpractice
16. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Summons
Obligor
Pension Benefit Guaranty Corporation (PBGC)
Reliance damages
17. 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
18. Directors - certain officers - and owners
Obligee
Bilateral treaties
Control persons
Consumer protection
19. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
20. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Specialized federal courts
Administrative law judges
Contract with intoxicated persons
'Definite and certain'
21. 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
Judgment n.o.v.
Substantive unconscionability
Promisee's rights
Injunction
22. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Statute of limitations
Termination of an invitation to make an offer
Exclusive dealing agreement
Obligor
23. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Mutual mistake
Age Discrimination in Employment Act (ADEA)
Unconscionability
Motion of directed verdict or of dismissal
24. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Process of appealing a case through the three levels of court
Occupational Safety and Health Act
Employment discrimination
Original jurisdiction
25. 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
26. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Equity of redemption
Material breach
Expectation damages (also known as the 'benefit of the bargain')
Defendant
27. 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
28. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Total breach
Exclusive distributor agreements
Federal Trade Commission (FTC)
Bilateral contract
29. A court reference to the notion that there must be mutual agreement about the exchange to be performed
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
30. 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
Federal Information Act
Section 4 of the Securities Act
Procedural unconscionability
Strict liability
31. Treaties entered into between two nations
Examples of Uniform Laws
Bilateral treaties
Affirm or disaffirm
Verdict
32. 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.
Appellate jurisdiction
Federal Trade Commission
Control persons
Injunction
33. 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
Section 7A of the Clayton Act
Regulation D of the Securities Act
Motion
34. 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
Defendant
Discharge of contract
Personal jurisdiction
Rules of interpretation of a contract by a court
35. 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
36. It represents notice that a lawsuit has been filed against the defendant
Administrative law judges
Summons
Rule 144 of the Securities Act
Economic waste
37. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
Defendant
National Treatment
Joint obligation
38. 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.
Regulation D of the Securities Act
National Labor Relations Board (NLRB)
Securities
Specialized federal courts
39. 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
Remediation
United States Bankruptcy Code ('Code')
Rule 12b (6) motion
Excuse of condition
40. The exchange of promises or an exchange of a promise for a performance.
Foreign Sovereign Immunities Act
Fair Labor Standards Act (FLSA)
Obligee
Bargained-for-exchange
41. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Mutual assent
Bilateral contract
Contract law
Federal district court
42. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Discharge of contract
Adhesion
Vertical agreements
Levels of courts
43. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
The Family and Medical Leave Act
Social Security Act
Misstatement or omission
Perfected
44. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Discovery
10-K
Assignee
45. 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.
Duties that cannot be delegated
Pleadings
Complete or total integration
Procedural unconscionability
46. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
National Labor Relations Board (NLRB)
Employee-at-will
Performance
Sherman Act
47. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -
Corporate social responsibility
Supreme Court powers
Federal Rules of Civil Procedures
Informed consent
48. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Securities
Fair Debt Collection Act
Duties that cannot be delegated
Equal Employment Opportunity Commission (EEOC)
49. 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.
Federal Information Act
Demurrer
Production quotas
Offer
50. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Answer
Expropriation
Title VII of the Civil Rights Act of 1964
Hung jury