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 property that is the subject of a security interest
Discharge of contract
Judgment n.o.v.
Pleadings
Collateral


2. 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'.
Security agreement
Assignee
Regulation S of the Securities Act
Preponderance of evidence


3. Automatic violations of the Sherman Act
Pregnancy Discrimination ACt
Short swing profits
Writ of certiorari
Per se


4. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Limited jurisdiction
Creditor beneficiary
Section 10(b) and Rule 10b-5 of the Exchange Act
Direct damages


5. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Condition concurrent
Creditor beneficiary
Hung jury
Nonexpertized portions


6. 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).
Manufacturing defect
Section 701 of the Securities Act
Shareholder primacy
Appellant


7. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Judicial review
Counterclaims
Multilateral treaties
General Agreement on Tariffs and Trades


8. 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
The Environmental Quality Report
Diversity jurisdiction
Regulation D of the Securities Act
Revocation


9. The person who assigns her rights
Satisfaction
Obligee
Section 4 of the Securities Act
Restitution and rescission


10. 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.
Creditor
Excuse of condition
Civil liability
Securities and Exchange Commission


11. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Chapter 7 of the Code
Attachment
Tie-in agreement
Executed exchange


12. Misrepresentation that was made with intent
Section 4 of the Securities Act
Assignor
Legal detriment
Fraud


13. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Gratuitous assignment
Beneficiary's rights
The Family and Medical Leave Act
Burden of proof


14. 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
Administrative Procedure Act
The Social Security Administration
Effect of delegation
Rule 506 of Regulation D of the Securities Act


15. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Specialized federal courts
Fair Labor Standards Act (FLSA)
Assignment of rights
Investment contracts


16. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Attorney/client privilege
Fair Debt Collection Act
Bargained-for-exchange
Contract law


17. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Collective bargaining
Charitable contributions
Motion to strike
Clean Air Act


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

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19. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Penalty
Revocability
Original jurisdiction
Obligor


20. Treaties between two nations addressing investment concerns
Levels of courts
Environmental Protection Agency
Americans with Disabilities Act (ADA)
Bilateral investment treaties


21. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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22. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Tender offers
Unjust enrichment
Contracts that prohibit assignment
Quasi-contract


23. A current report required by the Exchange Act
National Ambient Air Quality Standards
8-K
Demurrer
Counterclaims


24. 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).
Levels of courts
Foreign Corrupt Practices Act
Affirm or disaffirm
Fair Debt Collection Act


25. It is an action to avoid unjust enrichment.
Equal protection
Assignee
Restitution
National Institute for Occupational Health


26. Manages the nation's social security system
The Social Security Administration
Gift
Private placement
Token consideration


27. 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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28. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Oral argument
Consequential damages
Any statutory seller
General jurisdiction


29. When the jury retires to a separate room to decide the outcome of the case.
Nonexpertized portions
Charitable contributions
Deliberation
Vesting of beneficiary's rights


30. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
8-K
Short swing profits
Consideration


31. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
'in pari delicto'
Truth in Lending Act
National Ambient Air Quality Standards
Commencing a lawsuit


32. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Incidental beneficiary
Control persons
'de nuvo'
Corporate social responsibility


33. When a control makes a profit purchasing and selling her shares within a six-month period
Automatic stay
Res ipsa loquitor
Verdict
Short swing profits


34. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Rule 505 of Regulation D of the Securities Act
Collateral
Foreign Sovereign Immunities Act
Market division


35. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Affirm or disaffirm
Reliance
National Institute for Occupational Health
Exempt securities and transactions


36. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Clean Water Act
Short swing profits
Stare decisis
Expertised portion


37. Inadequate warning of danger - which can be construed as a design defect
Assignment of rights
Pleadings
Inadequate warning defect`
Collective bargaining


38. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
'due process'
Export Administration Regulations (EAR)
Treaties authority
Vertical agreements


39. A trivial defect in performance (the opposite of material breach).
Tender offers
Intended beneficiary
Delegation
Substantial performance


40. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
'Infants' or 'minors'
Parol Evidence Rule
Section 12 (a)(1) of the Securities Act
Misstatement or omission


41. It is a pre-trial motion to take out certain matters
Americans with Disabilities Act (ADA)
Unjust enrichment
Supreme Court powers
Motion to strike


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

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43. 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.
Gramm-Leach-Bliley Act
Sham consideration
Administrative Procedure Act
National Labor Relations Act


44. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Beneficiary's rights
Equal Pay Act (EPA)
Stare decisis
Unilateral mistake


45. 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.
Penalty
Motion to strike
Reliance damages
Vertical agreements


46. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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47. 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.
Federal district court
Demurrer
When an assignment becomes void
Non-recoverable damages


48. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Liquidated damages clause
Precedent
Product liability


49. An exemption for certain small offerings
Remand
Unjust enrichment
The Statute of Frauds
Regulation A of the Securities Act


50. 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
Summons
Restatement (Second) of Contracts
Voluntarily proceeding
Companies that are subject to the exchange act (Reporting companies)