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. The Constitution makes treaties the 'supreme law of the land'
Stare decisis
Bilateral treaties
Treaties authority
General Agreement on Tariffs and Trades
2. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
The Council on Environmental Quality
Social Security Administration
Secured transaction
Federal Information Act
3. 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
Implied contract
Delegation
'Blue sky' laws
Criminal Law
4. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Resource Conservation and Recovery Act
Accord
Production quotas
Section 12(a)(2)
5. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Reliance damages
Concurrent conflict of interests
Short swing profits
Termination of an invitation to make an offer
6. 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
7. 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
Mutual mistake
Restatement (Second) of Contracts
Complete or total integration
Petit jury
8. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Inadequate warning defect`
Demand assurance
Prosecution
9. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Bilateral Investment Treaty program
Process of appealing a case through the three levels of court
Economic waste
Americans with Disabilities Act (ADA)
10. 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
11. Both a rejection and termination of the original offer.
Counteroffer
General Agreement on Tariffs and Trades
Employment law
Mortgage
12. 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.
Standing
Securities
Remand
Securities Act Registration
13. 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
Pretexting
Any statutory seller
Quasi-suspect classification
Economic waste
14. 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
Clayton Act
National Treatment
The Council on Environmental Quality
Security interest
15. 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
Group boycotts
Rule 144 of the Securities Act
Shareholder primacy
Total breach
16. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Chapter 7 of the Code
'Infants' or 'minors'
Exclusive distributor agreements
Regulation D of the Securities Act
17. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Employee Retirement Income Security Act (ERISA)
Priority of secured transactions
Any statutory seller
Performance
18. The obligor does not need to provide consent - but does need to be given notice.
Expectation damages (also known as the 'benefit of the bargain')
Statutory Seller
Unsecured creditor
Process of assignment
19. One of the primary federal federal statutes
Securities Act
Implied contracts
Equal Credit Opportunity Act
National Labor Relations Board (NLRB)
20. 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
Expectation damages (also known as the 'benefit of the bargain')
Environmental Protection Agency (EPA)
Reliance
Strict liability
21. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Lanham Act
A motion of summary judgement
National Labor Relations Board (NLRB)
Promise
22. 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.
Condition
'Infants' or 'minors'
Chapter 7 of the Code
Specific performance
23. 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
Discovery
Demurrer
Contract with intoxicated persons
24. 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
Offer
Bilateral investment treaties
Commencing a lawsuit
Demand assurance
25. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Uniform Laws
Illusory promise
Expropriation
Contract with intoxicated persons
26. A company subject to the Exchange Act
Gift
Obligee
Retraction
Reporting company
27. Regulates trusts and monopolies
Motion to strike
Illusory promise
Federal Trade Commission
Employment discrimination
28. 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
Truth in Lending Act
Concurrent conflict of interests
Revocability
Per se
29. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
Supervening illegality
Regulation S of the Securities Act
Liability based on intentional tort
30. 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
Companies that are subject to the exchange act (Reporting companies)
Clean Water Act
Proxy
Defined contribution plan
31. 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
Substantial performance
Parol Evidence Rule
Res judicata
Substantive unconscionability
32. Offering made to purchase all or a portion of the shares of a specific company
Trial court
Tender offers
Personal jurisdiction
Misappropriation theory
33. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Regulation S of the Securities Act
Utilitarianism
Rule 12b (6) motion
Affirm or disaffirm
34. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Securities Act Registration
Federal Communications Commission
Rule 12b (6) motion
Res judicata
35. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
36. An annual report required by the Exchange Act
Restitution and rescission
Concurrent conflict of interests
10-K
Deliberation
37. 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
38. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Horizontal agreement
'Takings'
Standing
39. The property that is the subject of a security interest
'meeting of the minds'
Precedent
Collateral
Fraud
40. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Group boycotts
National Ambient Air Quality Standards
Mutual assent
Federal Trade Commission
41. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Consequentialism
Bilateral investment treaties
Judgment n.o.v.
Employment law
42. 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 Insurance Contributions Act
Pension Benefit Guaranty Corporation (PBGC)
Strict liability
Exchange Act Regulations
43. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
National Institute for Occupational Health
Unemployment compensation laws
Anticipatory repudiation
44. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Affirm or disaffirm
Injunction
Personal jurisdiction
Chapter 11 of the Code
45. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
'in pari delicto'
Exchange Act Regulations
United States Bankruptcy Code ('Code')
Proxy
46. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Penalty
Defined contribution plan
Performance
Federal Environmental Pesticide Control Act
47. 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
Assignee
Rules of construction
Condition concurrent
Workers compensation laws
48. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
The Family and Medical Leave Act
Appellee or respondent
Mortgage
Promisee's rights
49. 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
Effect of delegation
Substitutes of consideration
National Treatment
Counterclaims
50. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Employment law
Section 7A of the Clayton Act
Novation
Perfected