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. 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 -
Post-trial motions
Partial or trivial breach
Express contract
Gratuitous assignment


2. 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
Pension Benefit Guaranty Corporation (PBGC)
Mutual rescission
The Statute of Frauds
Verdict


3. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Clean Water Act
Section 5 of the Securities Act
Charitable contributions
Section 10(b) and Rule 10b-5 of the Exchange Act


4. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Tender offers
Fair Credit Reporting Act
Partial or trivial breach
Federal Information Act


5. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Obligor
Defined contribution plan
Investment contracts
The Council on Environmental Quality


6. 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 -
Price fixing
Supreme Court powers
Donee beneficiary
Liquidated damages clause


7. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Other constituency statutes
Automatic stay
Strict liability
Affirmative defenses


8. 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
Trial court
Securities and Exchange Commission
Condition


9. 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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10. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Workers compensation laws
Obligor's rights
Consideration
Appellee or respondent


11. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Obligor's rights
Examples of Uniform Laws
Delegation
Condition precedent


12. When the creditor initiates the proceedings.
Misstatement or omission
Involuntary proceeding
Voluntarily proceeding
Remediation


13. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Bureau of Consumer Protection
Securities and Exchange Commission
Process of assignment
Civil liability


14. When the debtor voluntarily initiates the bankruptcy proceedings
'Blue sky' laws
Affirmative defenses
Voluntarily proceeding
Sham consideration


15. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Diminution in value
Social Security Act
Misstatement or omission
Remediation


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

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17. Regulates air and water pollution as well as address problems associated with certain toxic substances
Judgment n.o.v.
Petit jury
Hung jury
Environmental Protection Agency


18. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
United States Bankruptcy Code ('Code')
Securities and Exchange Commission
Discovery
Contract with intoxicated persons


19. 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
Concurrent conflict of interests
Quasi-contract
Trial court
Taking a contract 'out of the Statute of Frauds'


20. 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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21. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Implied contracts
Concurrent conflict of interests
Trust
Specialized federal courts


22. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Administrative law judges
Liquidated damages clause
Trial court
Federal Communications Commission


23. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Intended beneficiaries of government contract
Specialized federal courts
Judgment n.o.v.
Duress


24. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Bureau of Customs and Border Protection
Prospectus
Procedural unconscionability
The Council on Environmental Quality


25. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Misrepresentation
Mutual mistake
Counteroffer
Bona fide occupational qualification


26. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Incidental beneficiary
Rules of construction
Complete or total integration
Model Rules of Professional Conduct


27. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Sherman Act
Duties that cannot be delegated
Levels of courts
Foreign Sovereign Immunities Act


28. Actions designed to permanently reduce the health and safety risk associated with the site.
Remediation
Administrative Procedure Act
Federal Trade Commission (FTC)
Changed circumstances that allow a party to be excused from performance under the contract


29. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Rules of interpretation of a contract by a court
Exchange Act Regulations
Quasi-suspect classification
Burden of proof


30. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Collective bargaining
Criminal Trial
Illusory promise
Other constituency statutes


31. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Informed consent
Administrative law judges
Unsecured creditor
'Mailbox' rule


32. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Who is liable
'Past consideration'
Jurisdiction
Mutual assent


33. 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
Performance
Motion for a more definitive statement
Chapter 7 of the Code


34. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Administrative Procedure Act
'Mailbox' rule
Gift
Novation


35. Administers federal labor laws
Fraud
Beneficiary's rights
National Labor Relations Board
Breach


36. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Offer
Any statutory seller
Creditor beneficiary
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)


37. When there is no bargained-for exchange - because there is no exchange.
Gift
Pleadings
Securities Act
Age Discrimination in Employment Act (ADEA)


38. Torts and contracts... represents law that regulates the relationships between parties.
Counteroffer
Joint obligation
National Labor Relations Board (NLRB)
Civil Law


39. 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
Intended beneficiary
Security interest
Exempt securities and transactions
Illusory promise


40. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Product liability
Promise
Res ipsa loquitor
Supervening illegality


41. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Prosecution
Export Administration Regulations (EAR)
Subject matter jurisdiction
Sham consideration


42. The first court to consider an action
Undue influence
Original jurisdiction
Perfected
Condition subsequent


43. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Affirmative defenses
'meeting of the minds'
Market division
Material breach


44. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
Hung jury
Clean Air Act
United States Bankruptcy Code ('Code')


45. 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
Per se
Oral argument
Total breach
Fraud


46. He has the enforceable right against the obligor because he is considered the real party interest.

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47. 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.
Donee beneficiary
Oral argument
Mutual mistake
Misstatement or omission


48. An exemption for certain small offerings
Model Rules of Professional Conduct
Regulation A of the Securities Act
Restitution and rescission
Voluntarily proceeding


49. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Model Rules of Professional Conduct
Uniform Commercial Code ('UCC')
Bilateral contract
Third party beneficiary


50. 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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