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. 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
Partial or trivial breach
Misappropriation theory
Adhesion
Complete or total integration


2. The person who assigns her rights
Counteroffer
Per se
Commercial speech
Obligee


3. The difference between the value of the property as substantially complete and the value of the property upon full performance
Reliance damages
Diminution in value
Federal Information Act
Section 5 of the Securities Act


4. Employers make payments to retired employees based on the length of their employment and the wages they received.
Involuntary proceeding
Defined benefit plans
Restitution and rescission
The Social Security Administration


5. Laws that states have passed that aim at regulating securities transactions within their states.

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6. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Express contract
Market division
Levels of courts
Involuntary proceeding


7. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Res ipsa loquitor
General Agreement on Tariffs and Trades
Writ of certiorari
Demand assurance


8. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Unilateral contract
Satisfaction
'Blue sky' laws


9. Defenses that would prevent the plaintiff from holding the defendant liable
Affirmative defenses
The Environmental Quality Report
Demand assurance
Implied terms


10. 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
Revocation
Promise
Grand jury
Consequential damages


11. Prohibits institutions from discrimination related to credit applications
Burden of proof
Partial or trivial breach
Bargained-for-exchange
Equal Credit Opportunity Act


12. 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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13. Both a rejection and termination of the original offer.
Counteroffer
Promise
'meeting of the minds'
Horizontal agreement


14. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Consumer protection
Hung jury
Chapter 13 of the Code
Federal Rules of Civil Procedures


15. Seeks to promote market economics and democratic governments
Securities and Exchange Commission
Organization for Economic Co-operation and Development (OECD)
Post-trial motions
Collateral


16. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
'Mirror image' rule
Section 12(a)(2)
Condition precedent
Fair Credit Reporting Act


17. 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
Assignee's rights
Securities and Exchange Commission
Equity of redemption
Reporting company


18. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Specialized federal courts
Appellate jurisdiction
Pre-existing duty


19. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Unemployment compensation laws
Regulation S of the Securities Act
Corporate social responsibility
Environmental Protection Agency (EPA)


20. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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21. Punitive damage - non-economic damages - and attorneys' fees
Fraud
Liquidated damages clause
Non-recoverable damages
Answer


22. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Pension Benefit Guaranty Corporation (PBGC)
Voluntarily proceeding
Effect of delegation
Security agreement


23. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Strict liability
Federal Communications Commission
Title VII of the Civil Rights Act of 1964
Clean Water Act


24. When the creditor initiates the proceedings.
Novation
Vesting of beneficiary's rights
Involuntary proceeding
Standing


25. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Express contract
Restatement (Second) of Contracts
Quasi-contract
National Environmental Policy Act (NEPA)


26. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Expropriation
Export Administration Regulations (EAR)
Standing
Rule 144 of the Securities Act


27. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
Federal Trade Commission
National Labor Relations Act
Section 5 of the Securities Act


28. Misrepresentation that was made with intent
Fraud
Utilitarianism
Who is liable
Discovery


29. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Informed consent
Federal Information Act
Duties that cannot be delegated
Strict liability


30. The obligation to establish his claims first
Burden of proof
Foreign Corrupt Practices Act
Security interest
Original jurisdiction


31. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Injury-in-fact
Objective standard
Attorney/client privilege


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

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33. A quarterly report required by the Exchange Act
10-Q
Unsecured creditor
Expertised portion
Donee beneficiary


34. 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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35. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Shareholder primacy
Chapter 7 of the Code
Section 5 of the Securities Act
National Institute for Occupational Health


36. 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
General Agreement on Tariffs and Trades
Consequential damages
Implied contracts


37. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Foreign Corrupt Practices Act
Regulation S of the Securities Act
Intended beneficiary
Liquidated damages clause


38. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Demand assurance
Res ipsa loquitor
Post-trial motions
Federal Rules of Civil Procedures


39. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Domicile
Non-recoverable damages
Uniform Laws
Legal ethics


40. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Perfected
Original jurisdiction
Bilateral investment treaties
Gift


41. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Revocability
Lien
Discovery
Direct damages


42. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Price fixing
Sherman Act
When an assignment becomes void
Remediation


43. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Rule 504 of Regulation D of the Securities Act
Bilateral treaties
Diminution in value


44. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Condition concurrent
Sham consideration
Substantial performance
Judicial review


45. Actions designed to permanently reduce the health and safety risk associated with the site.
Remediation
Res ipsa loquitor
Limited jurisdiction
Legal ethics


46. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Process of assignment
10-K
National Ambient Air Quality Standards
Sham consideration


47. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Federal district court
National Labor Relations Board (NLRB)
Direct damages
Superfund


48. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Equal Employment Opportunity Commission (EEOC)
'Takings'
Commercial speech
Offer


49. 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
Product liability
Common Law
The Council on Environmental Quality
Section 5 of the Securities Act


50. 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)
Third party beneficiary
Enabling acts
Tie-in agreement
Lien