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. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Excuse of condition
Reporting company
Section 12 (a)(1) of the Securities Act
8-K
2. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Bilateral Investment Treaty program
National Ambient Air Quality Standards
The Social Security Administration
Intended beneficiaries of government contract
3. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Secured transaction
Section 5 of the Securities Act
Clean Air Act
Judgment n.o.v.
4. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Statute of limitations
Contract
Uniform Laws
Ordinances
5. 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
Bargained-for-exchange
Demand assurance
Concurrent conflict of interests
Gratuitous assignment
6. A quarterly report required by the Exchange Act
Attorney/client privilege
Subject matter jurisdiction
Assignee's rights
10-Q
7. The person to whom the right is assigned
Preponderance of evidence
Assignee
Contract
Chapter 13 of the Code
8. The obligation to establish his claims first
Burden of proof
National Treatment
Regulation A of the Securities Act
Option contract
9. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Exclusive dealing agreement
Employment discrimination
General Agreement on Tariffs and Trades
10. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Federal Trade Commission (FTC)
Precedent
Monopoly
Model Rules of Professional Conduct
11. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Malpractice
Obligee
General jurisdiction
Donee beneficiary
12. A distinct mark or symbol that identifies a business and its products
The Council on Environmental Quality
Trademark
Other constituency statutes
Fraud
13. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Public company
Personal jurisdiction
Goods
Lien
14. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Equal Employment Opportunity Commission (EEOC)
Civil liability
Bona fide occupational qualification
Implied terms
15. 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
Writ of certiorari
Petit jury
Malpractice
Administrative Procedure Act
16. Treaties between two nations addressing investment concerns
Proxy
Companies that are subject to the exchange act (Reporting companies)
Bilateral investment treaties
Promisor's rights (in relation to the beneficiary)
17. A party's damage award will be reduced by any loss he did or could have avoided.
Enabling acts
Res ipsa loquitor
Grand jury
Duty to mitigate
18. 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
19. Regulates radio - television - and other forms of interstate communications
Prosecution
Federal Communications Commission
National Labor Relations Act
'Blue sky' laws
20. Rules of ethics that govern the practice of law and the conduct of lawyers
Summons
Legal ethics
Who is liable
Excuse of condition
21. 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
Limited jurisdiction
Legal ethics
Bilateral treaties
Misappropriation theory
22. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Foreclosure
Promise
Environmental Protection Agency (EPA)
Discharge of contract
23. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Suspect classification
Counterclaims
Quasi-suspect classification
24. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Trust
Americans with Disabilities Act (ADA)
Fair Debt Collection Act
Export Administration Regulations (EAR)
25. Misrepresentation that was made with intent
Satisfaction
Fraud
Involuntary proceeding
Securities Act
26. If the promisor substantially performs under teh contract
Malpractice
Promisee's rights
Contract
Partial or trivial breach
27. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Product liability
'in pari delicto'
Suspect classification
Consideration
28. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
The Social Security Administration
Truth in Lending Act
Shareholder primacy
Accord
29. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
30. Oversees implementation of this benefit program of the Social Security Act
'Blue sky' laws
Social Security Administration
Summons
Deliberation
31. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Promisor's rights (in relation to the beneficiary)
Grand jury
Gift
32. 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
33. 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
General Agreement on Tariffs and Trades
Equal Pay Act (EPA)
Objective standard
Expropriation
34. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Anticipatory repudiation
Equal Pay Act (EPA)
Creditor beneficiary
Content-neutral restrictions
35. 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
36. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Substitutes of consideration
Regulation S of the Securities Act
Creditor
Penalty
37. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Treaties authority
Pre-existing duty
Domicile
Product liability
38. 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
National Ambient Air Quality Standards
Clean Air Act
Attachment
Federal question jurisdiction
39. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Process of appealing a case through the three levels of court
'Past consideration'
Liquidated damages clause
40. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Consequentialism
Commercial speech
Chapter 11 of the Code
Demand assurance
41. 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.).
Social Security Administration
Post-trial motions
Federal Insurance Contributions Act
Supreme Court powers
42. The property that is the subject of a security interest
Perfected
Federal question jurisdiction
Administrative law judges
Collateral
43. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Federal district court
Summons
Limited jurisdiction
Regulation S of the Securities Act
44. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Precedent
Chapter 7 of the Code
Changed circumstances that allow a party to be excused from performance under the contract
Substantive unconscionability
45. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Section 7A of the Clayton Act
Model Rules of Professional Conduct
'clear and present'
Voluntarily proceeding
46. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Remediation
Gratuitous assignment
Duties that cannot be delegated
Legal capacity
47. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Intended beneficiary
Bilateral investment treaties
Rule 506 of Regulation D of the Securities Act
Administrative law judges
48. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Direct damages
Workers compensation laws
Design defect
Taking a contract 'out of the Statute of Frauds'
49. 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.'
Rule 12b (6) motion
Post-trial motions
Offer
Export Administration Regulations (EAR)
50. They represent the amount of money a party has spent in justifiable reliance on a contract.
Reliance damages
Priority of secured transactions
Strict liability
Enabling acts
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests