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 rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






2. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






3. 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






4. 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.






5. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






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






7. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






8. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






9. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






10. Offering made to purchase all or a portion of the shares of a specific company






11. An exemption for securities sold outside of the U.S.






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






13. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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


14. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






15. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






16. Actual performance of an obligation






17. 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






18. 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'






19. A misrepresentation made with knowledge of its inaccuracy






20. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






21. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






22. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






23. 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


24. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






25. Both a rejection and termination of the original offer.






26. They represent the amount of money a party has spent in justifiable reliance on a contract.






27. 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


28. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






29. Defenses that would prevent the plaintiff from holding the defendant liable






30. 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


31. The right to hold a security interest on a debtor's property.






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






33. It is an action to avoid unjust enrichment.






34. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






35. 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






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






37. Treaties entered into between two nations






38. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






39. 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


40. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






41. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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


42. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






43. 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






44. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






45. A condition that must occur before a duty to perform arises






46. The person who is bringing the suit






47. 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


48. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






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






50. 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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:



Major Subjects



Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Most popular tests