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. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
The Environmental Quality Report
Employment discrimination
Post-trial motions
Adhesion


2. 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
Process of appealing a case through the three levels of court
Rule of reason
Trademark
Contract law


3. 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
Revocation
Judgment n.o.v.
Chapter 7 of the Code
Corporate social responsibility


4. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Strict liability
Effect of delegation
Market division
Public company


5. 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.
Substitutes of consideration
Vertical agreements
Remediation
'Ffour corners'


6. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Chapter 7 of the Code
Discovery
Priority of secured transactions
Consumer protection


7. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Motion to strike
Unilateral rescission
Levels of courts
Inadequate warning defect`


8. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Uniform Commercial Code ('UCC')
Production quotas
Chapter 7 of the Code
Performance


9. It represents a request for the court to take some action. A motion can be filed by a defendant.
Non-recoverable damages
10-K
Motion
Counteroffer


10. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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11. 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
Equal Employment Opportunity Commission (EEOC)
Condition concurrent
Content-neutral restrictions
Total breach


12. The agreement to create a security interest
Suspect classification
Partial or trivial breach
Anticipatory repudiation
Security agreement


13. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
National Treatment
Defined contribution plan
Original jurisdiction
Commercial speech


14. 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
'clear and present'
Remediation
Adhesion
Partial or trivial breach


15. 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
Secured transaction
Equity of redemption
Exchange Act Regulations
Equal Employment Opportunity Commission (EEOC)


16. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Misappropriation theory
Consideration
Control persons
Materiality


17. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Federal question jurisdiction
Corporate social responsibility
Superfund
Criminal Trial


18. 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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19. 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
Restitution
Control persons
'Blue sky' laws
The Family and Medical Leave Act


20. The documents that parties file in connection with their lawsuit
Pleadings
General jurisdiction
'Mirror image' rule
Summons


21. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
10-Q
Implied contract
Group boycotts
Foreclosure


22. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Fair Labor Standards Act (FLSA)
Attorney/client privilege
Parol Evidence Rule
'Definite and certain'


23. A trust formed to dominate an industry
Grand jury
Horizontal agreement
Clayton Act
Monopoly


24. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Environmental Protection Agency
Duty to mitigate
Revocation
Motion to strike


25. A trivial defect in performance (the opposite of material breach).
Substantial performance
Restitution
'clear and present'
Unconscionability


26. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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27. 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
Common Law
Monopoly
Age Discrimination in Employment Act (ADEA)
Priority of secured transactions


28. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Motion of directed verdict or of dismissal
Diversity jurisdiction
Stare decisis


29. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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30. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Federal Environmental Pesticide Control Act
Clean Air Act
Market division
Injunction


31. 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)
Obligor
Injunction
8-K


32. Automatic violations of the Sherman Act
Preponderance of evidence
Misstatement or omission
Answer
Per se


33. The obligor does not need to provide consent - but does need to be given notice.
Verdict
Direct damages
Process of assignment
Security interest


34. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Levels of courts
Accord
Workers compensation laws
The Statute of Frauds


35. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Post-trial motions
Assignor
Misrepresentation
Employment discrimination


36. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Restatement (Second) of Contracts
Direct damages
National Treatment


37. Actual performance of an obligation
Satisfaction
Injury-in-fact
Bilateral Investment Treaty program
Shareholder primacy


38. It is a pre-trial motion to take out certain matters
Motion to strike
Content-neutral restrictions
Chapter 11 of the Code
Age Discrimination in Employment Act (ADEA)


39. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Assignor
Unilateral contract
Equal protection
Legal ethics


40. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Liability based on intentional tort
'clear and present'
Counteroffer


41. A contract that is made where two promises are outstanding.
Bilateral contract
'de nuvo'
Enabling acts
Personal jurisdiction


42. A condition that cuts off a pre-existing duty
Mutual assent
Condition subsequent
Revocability
Defined benefit plans


43. A distinct mark or symbol that identifies a business and its products
Statutory Seller
Vertical agreements
Trademark
Scienter


44. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
'Infants' or 'minors'
Bilateral contract
Any statutory seller


45. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Vesting of beneficiary's rights
Accredited investor
Chapter 7 of the Code
Rule 12b (6) motion


46. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Duty to mitigate
Enabling acts
Ordinances
Legal capacity


47. A pre-trial motion when the pleadings are vague or ambiguous.
Motion of directed verdict or of dismissal
Motion for a more definitive statement
Mutual mistake
Res judicata


48. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
The Family and Medical Leave Act
Civil liability
Goods
Equity of redemption


49. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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50. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Other constituency statutes
Diminution in value
Reliance damages