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. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Priority of secured transactions
Restitution and rescission
Malpractice
Consideration


2. 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

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3. Misrepresentation that was made with intent
Mutual assent
Fraud
Condition concurrent
Statute of limitations


4. Prohibit discrimination based on pregnancy or childbirth
Burden of proof
Accord
Incidental beneficiary
Pregnancy Discrimination ACt


5. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Scienter
Federal district court
Procedural unconscionability


6. 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
Horizontal agreement
Strict liability
8-K
Fair Debt Collection Act


7. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Standing
Specialized federal courts
Federal district court
Horizontal agreement


8. Not discriminating against foreign product - thereby treating all products within their border equally
Rules of construction
National Treatment
Deliberation
Judgment n.o.v.


9. 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
Creditor
Any statutory seller
Answer
Concurrent conflict of interests


10. 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
Pre-existing duty
Regulation A of the Securities Act
Reliance damages


11. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
The Council on Environmental Quality
Diminution in value
Clayton Act
Restatement (Second) of Contracts


12. An exemption for certain small offerings
Objective standard
Legal ethics
Regulation A of the Securities Act
Sherman Act


13. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Unilateral mistake
Bargained-for-exchange
Employment discrimination
Equity of redemption


14. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Res judicata
Other constituency statutes
Priority of secured transactions
Section 7A of the Clayton Act


15. It regulates chemical substances
Toxic Substances Control Act
Group boycotts
Objective standard
Revocability


16. 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
Third party beneficiary
Prosecution
Environmental Protection Agency (EPA)
Civil Law


17. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
'Mailbox' rule
Securities and Exchange Commission
Delegation


18. The exchange of promises or an exchange of a promise for a performance.
Administrative Procedure Act
'Blue sky' laws
The Social Security Administration
Bargained-for-exchange


19. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Common Law
Writ of certiorari
Condition precedent
Section 10(b) and Rule 10b-5 of the Exchange Act


20. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Appellate jurisdiction
Resource Conservation and Recovery Act
Bureau of Consumer Protection
Intended beneficiary


21. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Implied contract
Subject matter jurisdiction
Chapter 7 of the Code


22. 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
The Council on Environmental Quality
Commencing a lawsuit
Prosecution
Appellant


23. 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.
Trial court
Nonexpertized portions
Res judicata
Private placement


24. Negative causation - due diligence defense - ...
Token consideration
Corporate social responsibility
Suspect classification
Defenses against liability of misrepresentations or omissions


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

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26. Seeks to promote market economics and democratic governments
'Mirror image' rule
Malpractice
Assignee's rights
Organization for Economic Co-operation and Development (OECD)


27. 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.

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28. 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'.
Original jurisdiction
Preponderance of evidence
Uniform Laws
Quasi-suspect classification


29. The written set of charges against the defendant - which is presented to a grand jury.
Indictment
Proxy
Supervening illegality
Who is liable


30. 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
When an assignment becomes void
Private placement
Resource Conservation and Recovery Act
Contract with intoxicated persons


31. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Section 11 of the Securities Act
'Quid pro quo'
Retraction
Adhesion


32. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Federal question jurisdiction
Rules of interpretation of a contract by a court
Petit jury
Export Administration Act (EAA)


33. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Federal Insurance Contributions Act
Writ of habeas corpus
Tie-in agreement
Other constituency statutes


34. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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35. Words or actions an individual may have intended - but did not communicate
Subjective intent
Indictment
Anticipatory repudiation
Duties that cannot be delegated


36. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Summons
Discharge of contract
Assignee
Section 11 of the Securities Act


37. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Procedural unconscionability
Gramm-Leach-Bliley Act
Economic waste
Defined contribution plan


38. 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.
Burden of proof
Clean Air Act
Mutual assent
Equal Pay Act (EPA)


39. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Goods
Novation
Public company
'Quid pro quo'


40. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
The Council on Environmental Quality
Social entity or stakeholder theory of the corporation
Judicial review
Rule 506 of Regulation D of the Securities Act


41. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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42. It represents notice that a lawsuit has been filed against the defendant
'meeting of the minds'
Summons
Intended beneficiary
Mutual assent


43. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Contract
Mortgage
Condition
Rule 506 of Regulation D of the Securities Act


44. The property that is the subject of a security interest
Jurisdiction
Collateral
Truth in Lending Act
Americans with Disabilities Act (ADA)


45. 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 -
A motion of summary judgement
National Labor Relations Board (NLRB)
Supreme Court powers
The Environmental Quality Report


46. Treaties between two nations addressing investment concerns
Quasi-suspect classification
Truth in Lending Act
Assignor
Bilateral investment treaties


47. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Section 12 (a)(1) of the Securities Act
Petit jury
Motion of directed verdict or of dismissal
Duty to mitigate


48. A creditor that does not have a security interest in any of the debtor's property or assets.
Unsecured creditor
Reliance damages
Goods
Section 10(b) and Rule 10b-5 of the Exchange Act


49. The obligee who officially assigned over his rights
Assignor
Misappropriation theory
Equal protection
Security agreement


50. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Price fixing
Horizontal agreement
Concurrent conflict of interests
Rational basis test