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 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.
Security interest
Novation
Motion for a more definitive statement
Bilateral Investment Treaty program


2. 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
Condition subsequent
National Ambient Air Quality Standards
Priority of secured transactions
Model Rules of Professional Conduct


3. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Statute of limitations
Malpractice
Diversity jurisdiction
Intended beneficiary


4. 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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5. Discrimination based on race or sex
Rule 504 of Regulation D of the Securities Act
Bureau of Consumer Protection
Employment discrimination
'Takings'


6. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Rule 506 of Regulation D of the Securities Act
'Mailbox' rule
Counteroffer
Bilateral contract


7. 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.
Criminal Law
Misstatement or omission
Restitution and rescission
Obligor


8. Actual performance of an obligation
Satisfaction
Ordinances
Expectation damages (also known as the 'benefit of the bargain')
'Ffour corners'


9. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Parol Evidence Rule
Creditor
Obligor's rights


10. A trust formed to dominate an industry
Monopoly
Bargained-for-exchange
Employee-at-will
A motion of summary judgement


11. The first court to consider an action
Mistake
Federal Information Act
Original jurisdiction
Scienter


12. The right to hold a security interest on a debtor's property.
Revocability
Goods
Lien
Illusory promise


13. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Judgment n.o.v.
Clayton Act
Verdict
Contract law


14. 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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15. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Regulation S of the Securities Act
Supreme Court powers
Occupational Safety and Health Administration (OSHA)
Secured transaction


16. 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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17. A condition that must occur before a duty to perform arises
Scienter
When an assignment becomes void
Condition precedent
Regulation A of the Securities Act


18. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Administrative Procedure Act
Private placement
Substantial performance
Employee-at-will


19. Previous decisions made by decisions - by which the current judges must abide by.
Complete or total integration
Appellate jurisdiction
Precedent
Manufacturing defect


20. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Foreign Corrupt Practices Act
Federal Rules of Civil Procedures
Prosecution
Deontological


21. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
National Institute for Occupational Health
Charitable contributions
8-K
Defendant


22. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Employee-at-will
Fraud
Who is liable
Chapter 13 of the Code


23. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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24. Torts and contracts... represents law that regulates the relationships between parties.
General Agreement on Tariffs and Trades
Ordinances
Civil Law
Reliance


25. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Federal district court
Complete or total integration
Manufacturing defect
Novation


26. 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
Preponderance of evidence
Injunction
Suspect classification
Stare decisis


27. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Implied terms
Substantive unconscionability
Assignee
Subject matter jurisdiction


28. A supervening stature makes a contract illegal - and thereby makes performance impossible
Legal capacity
Supervening illegality
Economic waste
Occupational Safety and Health Act


29. 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.
Vertical agreements
Token consideration
Consideration
Strict liability


30. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Employment discrimination
Fair Labor Standards Act (FLSA)
Intended beneficiary
Demand assurance


31. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
A motion of summary judgement
Non-recoverable damages
Motion of directed verdict or of dismissal


32. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Federal circuit court of appeals and the federal court of appeals
Express contract
Pre-existing duty


33. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Perfected
Securities
Section 10(b) and Rule 10b-5 of the Exchange Act
Lanham Act


34. A misrepresentation made with knowledge of its inaccuracy
Assignor
Criminal Law
Third party beneficiary
Scienter


35. 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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36. Manages the nation's social security system
Pension Benefit Guaranty Corporation (PBGC)
The Social Security Administration
Section 10(b) and Rule 10b-5 of the Exchange Act
Rules of construction


37. Regulates the handling of the pesticides being exported from and imported into the U.S.
Petit jury
Assignor
Taking a contract 'out of the Statute of Frauds'
Federal Environmental Pesticide Control Act


38. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Implied contract
Rules of construction
Occupational Safety and Health Administration (OSHA)
Quasi-contract


39. 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).
Unemployment compensation laws
Judgment n.o.v.
Product liability
Mutual assent


40. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Content-neutral restrictions
Group boycotts
Section 10(b) and Rule 10b-5 of the Exchange Act
Securities Exchange Act of 1934


41. Seeks to promote market economics and democratic governments
Section 7A of the Clayton Act
Scienter
Organization for Economic Co-operation and Development (OECD)
Occupational Safety and Health Administration (OSHA)


42. 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.
Breach
Pre-existing duty
Legal ethics
Federal Rules of Civil Procedures


43. 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.
Employee-at-will
Restitution and rescission
Federal Insurance Contributions Act
Perfected


44. 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.
Enabling acts
Option contract
Offer
Strict liability


45. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
Bureau of Customs and Border Protection
Bona fide occupational qualification
Commercial speech


46. The creditor's right to take possession of the property is called foreclosure
Foreclosure
Defenses against liability of misrepresentations or omissions
Illusory promise
Section 4 of the Securities Act


47. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Unemployment compensation laws
Assignee
Discharge of contract
Lien


48. Directors - certain officers - and owners
Complete or total integration
Control persons
When an assignment becomes void
Americans with Disabilities Act (ADA)


49. This is when the appellate court send the case back to the lower court for a new trial.
Remand
General Agreement on Tariffs and Trades
Uniform Commercial Code ('UCC')
Levels of courts


50. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
'Mailbox' rule
Satisfaction
Trust