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
Parol Evidence Rule
Substantial performance
Undue influence
Rule 12b (6) motion


2. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Post-trial motions
Defined contribution plan
Quasi-suspect classification
Rule 506 of Regulation D of the Securities Act


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
Obligor
National Labor Relations Act
When an assignment becomes void
Model Rules of Professional Conduct


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.
Demurrer
Resource Conservation and Recovery Act
Negative causation
'de nuvo'


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.
Federal Insurance Contributions Act
Mutual mistake
Foreign Corrupt Practices Act
Gramm-Leach-Bliley Act


6. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Hung jury
Criminal Trial
Effect of delegation
Corporate social responsibility


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
Securities Exchange Act of 1934
General jurisdiction
The Statute of Frauds
Standing


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
Indictment
Penalty
Direct damages
Delegation


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.
Malpractice
General jurisdiction
Adhesion
National Labor Relations Act


10. Offering made to purchase all or a portion of the shares of a specific company
Breach
Tender offers
Substantive unconscionability
Preponderance of evidence


11. An exemption for securities sold outside of the U.S.
Specialized federal courts
10-K
Regulation S of the Securities Act
Prosecution


12. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Legal detriment
Section 4 of the Securities Act
Revocation
Creditor


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

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14. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Rule 505 of Regulation D of the Securities Act
Federal district court
Tender offers
Fair Labor Standards Act (FLSA)


15. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Revocability
'Mailbox' rule
Prosecution


16. Actual performance of an obligation
Criminal Trial
Satisfaction
Hung jury
Collective bargaining


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
Deliberation
Unilateral mistake
Examples of Uniform Laws
Assignee's rights


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'
Priority of secured transactions
Creditor beneficiary
Accord
Collateral


19. A misrepresentation made with knowledge of its inaccuracy
Scienter
Termination of an invitation to make an offer
Federal Environmental Pesticide Control Act
Condition subsequent


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.
Clayton Act
Accredited investor
Intended beneficiary
Substitutes of consideration


21. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Suspect classification
Automatic stay
Injunction
Retraction


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
Goods
Attachment
Truth in Lending Act
Environmental Protection Agency (EPA)


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.

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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.
Specific performance
Implied terms
Defenses against liability of misrepresentations or omissions
Excuse of condition


25. Both a rejection and termination of the original offer.
Administrative law judges
Product liability
Counteroffer
Executed exchange


26. They represent the amount of money a party has spent in justifiable reliance on a contract.
Regulation S of the Securities Act
Fair Credit Reporting Act
Federal Rules of Civil Procedures
Reliance damages


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

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28. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Other constituency statutes
National Environmental Policy Act (NEPA)
Specialized federal courts
Lanham Act


29. Defenses that would prevent the plaintiff from holding the defendant liable
Malpractice
Affirmative defenses
Condition
Employment law


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.

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31. The right to hold a security interest on a debtor's property.
Lien
The Social Security Administration
Per se
Creditor


32. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Rule 147 of the Securities Act
General Agreement on Tariffs and Trades
Security interest
Securities Act


33. It is an action to avoid unjust enrichment.
Pretexting
Restitution
Section 10(b) and Rule 10b-5 of the Exchange Act
Civil Law or Code Law


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).
Condition
Manufacturing defect
Incidental beneficiary
Voluntarily proceeding


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
Consumer protection
Excuse of condition
Effect of delegation
Truth in Lending Act


36. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Charitable contributions
Incidental beneficiary
Expropriation
Suspect classification


37. Treaties entered into between two nations
National Treatment
Federal district court
Bilateral treaties
Bilateral investment treaties


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
Bargained-for-exchange
Horizontal agreement
The Environmental Quality Report
Federal Information Act


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

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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.
Obligor
Revocability
'due process'
Vertical agreements


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

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42. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Federal Information Act
Defenses against liability of misrepresentations or omissions
Rules of construction
Unilateral rescission


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
Anticipatory repudiation
Legal capacity
Concurrent conflict of interests
Priority of secured transactions


44. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Equal Credit Opportunity Act
Complete or total integration
Malpractice
Enabling acts


45. A condition that must occur before a duty to perform arises
Supreme Court powers
Defined benefit plans
Restatement (Second) of Contracts
Condition precedent


46. The person who is bringing the suit
10-Q
Subjective intent
Plaintiff
Uniform Laws


47. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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48. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Superfund
Verdict
Control persons
Grand jury


49. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Option contract
Diminution in value
Export Administration Regulations (EAR)


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
Public company
Administrative Procedure Act
Bureau of Customs and Border Protection
Burden of proof