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. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Fraud
Export Administration Act (EAA)
Equal Pay Act (EPA)
Exclusive distributor agreements
2. It regulates chemical substances
Civil Law or Code Law
Option contract
Examples of Uniform Laws
Toxic Substances Control Act
3. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
General Agreement on Tariffs and Trades
Intended beneficiaries of government contract
Petit jury
4. The obligee who officially assigned over his rights
Bureau of Consumer Protection
Breach
Condition concurrent
Assignor
5. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Clean Water Act
Content-neutral restrictions
The Council on Environmental Quality
Writ of habeas corpus
6. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Security interest
Multilateral treaties
Process of assignment
Fair Debt Collection Act
7. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Pre-existing duty
Environmental Protection Agency (EPA)
Export Administration Regulations (EAR)
Economic waste
8. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Section 12(a)(2)
Appellant
'Quid pro quo'
Charitable contributions
9. The obligor does not need to provide consent - but does need to be given notice.
Process of assignment
'Quid pro quo'
Expertised portion
Statutory Seller
10. 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
Nonexpertized portions
Trademark
Pre-existing duty
Intended beneficiary
11. 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
Attachment
Substantive unconscionability
Appellant
Executed exchange
12. 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)
Private placement
Common Law
Option contract
Specialized federal courts
13. Both a rejection and termination of the original offer.
Reporting company
'Blue sky' laws
The Social Security Administration
Counteroffer
14. 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
Short swing profits
Substantial performance
Section 7A of the Clayton Act
Attorney/client privilege
15. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Mutual rescission
Creditor
Grand jury
Personal jurisdiction
16. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Material breach
Mutual mistake
Civil Law or Code Law
Content-neutral restrictions
17. When a party unlawfully indicate that he will not perform when the performance is due.
Misrepresentation
Chapter 11 of the Code
Control persons
Anticipatory repudiation
18. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Demand assurance
Civil Law
Accredited investor
Bilateral Investment Treaty program
19. When both parties agree to rescind the contract
Criminal Law
Mutual rescission
Unjust enrichment
Restitution
20. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Exchange Act Regulations
Clean Water Act
Export Administration Regulations (EAR)
Jurisdiction
21. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Liability based on intentional tort
The Statute of Frauds
Exclusive distributor agreements
Levels of courts
22. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Regulation A of the Securities Act
Toxic Substances Control Act
Motion to strike
Securities Act Registration
23. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Obligor's rights
Exclusive dealing agreement
Clayton Act
General Agreement on Tariffs and Trades
24. When the jury retires to a separate room to decide the outcome of the case.
Deliberation
Precedent
Gratuitous assignment
Criminal Law
25. 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'.
Affirmative defenses
Preponderance of evidence
Control persons
Strict liability
26. Punitive damage - non-economic damages - and attorneys' fees
Petit jury
Contract
Commencing a lawsuit
Non-recoverable damages
27. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Mortgage
Employee Retirement Income Security Act (ERISA)
National Institute for Occupational Health
Legal capacity
28. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Per se
Trust
Strict liability
29. Regulates radio - television - and other forms of interstate communications
Federal Communications Commission
Contract with intoxicated persons
Enabling acts
Delegation
30. 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
31. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Equal protection
Civil Law or Code Law
Informed consent
Toxic Substances Control Act
32. Claims that the defendant has against the plaintiff
Counterclaims
Objective standard
The Social Security Administration
Undue influence
33. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Fair Debt Collection Act
Federal Communications Commission
The Social Security Administration
Environmental Protection Agency
34. The written set of charges against the defendant - which is presented to a grand jury.
Federal Information Act
Retraction
Indictment
Voluntarily proceeding
35. 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
Promisor's rights (in relation to the beneficiary)
Attachment
Joint obligation
Securities and Exchange Commission
36. 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
When an assignment becomes void
Contract with intoxicated persons
Market division
Administrative Procedure Act
37. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Liability based on intentional tort
Pleadings
Assignee
Consumer protection
38. 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.
Substantive unconscionability
Malpractice
Rational basis test
Contract
39. 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.
Statute of limitations
Diversity jurisdiction
Restatement (Second) of Contracts
Incidental beneficiary
40. 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
Total breach
Chapter 7 of the Code
Joint obligation
Pregnancy Discrimination ACt
41. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
Product liability
Offer
Corporate social responsibility
42. When the creditor initiates the proceedings.
Material breach
Involuntary proceeding
Regulation A of the Securities Act
Rule 505 of Regulation D of the Securities Act
43. The documents that parties file in connection with their lawsuit
Exchange Act Regulations
Restatement (Second) of Contracts
Pleadings
Unjust enrichment
44. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Materiality
Original jurisdiction
Concurrent conflict of interests
45. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Social entity or stakeholder theory of the corporation
Bureau of Customs and Border Protection
Pretexting
Writ of habeas corpus
46. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Civil liability
National Labor Relations Board (NLRB)
Donee beneficiary
Public company
47. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Assignee
Unilateral rescission
Answer
Section 5 of the Securities Act
48. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Penalty
Securities Exchange Act of 1934
Federal Trade Commission (FTC)
Taking a contract 'out of the Statute of Frauds'
49. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Stare decisis
Expertised portion
Bilateral treaties
Supervening illegality
50. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Any statutory seller
Materiality
Employment law
Inadequate warning defect`