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. Oversees implementation of this benefit program of the Social Security Act
Involuntary proceeding
Strict liability
Social Security Administration
Exchange Act Regulations


2. A condition that cuts off a pre-existing duty
Condition subsequent
Sham consideration
Collective bargaining
Fraud


3. Actual performance of an obligation
Clayton Act
Reliance damages
Satisfaction
Corporate social responsibility


4. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Bureau of Customs and Border Protection
Commercial speech
Federal district court


5. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Demurrer
Supreme Court powers
Illusory promise
Chapter 13 of the Code


6. 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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7. 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.
Horizontal agreement
Mutual rescission
Procedural unconscionability
Equal Employment Opportunity Commission (EEOC)


8. Inadequate warning of danger - which can be construed as a design defect
Statute of limitations
Inadequate warning defect`
Misstatement or omission
Defenses against liability of misrepresentations or omissions


9. 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
Gratuitous assignment
Restatement (Second) of Contracts
Section 4 of the Securities Act
Adhesion


10. 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.
Section 4 of the Securities Act
Suspect classification
Uniform Commercial Code ('UCC')
Sham consideration


11. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Rule 144 of the Securities Act
Environmental Protection Agency
Verdict
A motion of summary judgement


12. The documents that parties file in connection with their lawsuit
Control persons
Pleadings
Resource Conservation and Recovery Act
Accredited investor


13. 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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14. 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
Suspect classification
Priority of secured transactions
Appellant
Preponderance of evidence


15. 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
Rule of reason
Res ipsa loquitor
Fair Labor Standards Act (FLSA)
Specialized federal courts


16. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Product liability
Equal Pay Act (EPA)
Age Discrimination in Employment Act (ADEA)
8-K


17. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Consequential damages
Pregnancy Discrimination ACt
Accredited investor
Duties that cannot be delegated


18. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Hung jury
Illusory promise
Deontological
Misappropriation theory


19. When there is no bargained-for exchange - because there is no exchange.
Unilateral rescission
Gift
Substitutes of consideration
Contract law


20. 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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21. Laws created by city councils or county boards - aimed at local matters
Vertical agreements
Ordinances
Title VII of the Civil Rights Act of 1964
Social Security Act


22. Regulates radio - television - and other forms of interstate communications
Goods
Federal Communications Commission
Bargained-for-exchange
Production quotas


23. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Consideration
Pretexting
Assignee's rights
Specialized federal courts


24. 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
Unilateral rescission
Obligee
Vesting of beneficiary's rights
The Family and Medical Leave Act


25. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Fair Labor Standards Act (FLSA)
Attachment
Reliance
Partial or trivial breach


26. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Assignee
Bilateral contract
Informed consent
Employment law


27. The person who assigns her rights
Federal question jurisdiction
Obligee
Collective bargaining
Oral argument


28. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Rational basis test
Trust
Design defect
'Infants' or 'minors'


29. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Res judicata
Fair Labor Standards Act (FLSA)
Restitution and rescission
Personal jurisdiction


30. 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.
Charitable contributions
Section 11 of the Securities Act
Rule 12b (6) motion
Implied contracts


31. 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
Unconscionability
Fair Labor Standards Act (FLSA)
Clean Water Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)


32. 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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33. It represents a request for the court to take some action. A motion can be filed by a defendant.
Supervening illegality
Appellee or respondent
Discovery
Motion


34. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Third party beneficiary
Performance
Section 10(b) and Rule 10b-5 of the Exchange Act
Federal circuit court of appeals and the federal court of appeals


35. 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 -
Grand jury
Gratuitous assignment
Section 12 (a)(1) of the Securities Act
Malpractice


36. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Changed circumstances that allow a party to be excused from performance under the contract
8-K
Effect of delegation
Rule 505 of Regulation D of the Securities Act


37. Defenses that would prevent the plaintiff from holding the defendant liable
Federal Information Act
Indictment
Exchange Act Regulations
Affirmative defenses


38. 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
Shareholder primacy
Section 4 of the Securities Act
Workers compensation laws
Price fixing


39. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Mutual mistake
Counterclaims
Export Administration Regulations (EAR)
Social entity or stakeholder theory of the corporation


40. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Performance
Rule 506 of Regulation D of the Securities Act
Section 12(a)(2)
Monopoly


41. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Production quotas
Affirm or disaffirm
Motion of directed verdict or of dismissal
Short swing profits


42. Directors - certain officers - and owners
Foreign Corrupt Practices Act
Rule 505 of Regulation D of the Securities Act
Control persons
Clean Air Act


43. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Complete or total integration
Material breach
Model Rules of Professional Conduct


44. 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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45. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Sham consideration
Companies that are subject to the exchange act (Reporting companies)
Oral argument
Securities Exchange Act of 1934


46. 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
Diversity jurisdiction
Domicile
Consideration
Environmental Protection Agency (EPA)


47. 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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48. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
'de nuvo'
Rules of interpretation of a contract by a court
Strict liability
Remediation


49. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Revocability
Section 7A of the Clayton Act
Mortgage
When an assignment becomes void


50. 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.
Occupational Safety and Health Administration (OSHA)
Security interest
Pension Benefit Guaranty Corporation (PBGC)
Perfected