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

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2. 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
Federal Environmental Pesticide Control Act
Duress
Appellee or respondent
Commencing a lawsuit


3. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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4. Regulates air and water pollution as well as address problems associated with certain toxic substances
Jurisdiction
'Quid pro quo'
Environmental Protection Agency
Pension Benefit Guaranty Corporation (PBGC)


5. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Obligor
Petit jury
Revocation


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).
Fair Debt Collection Act
Statutory Seller
Manufacturing defect
Section 12(a)(2)


7. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
National Ambient Air Quality Standards
Consideration
Legal detriment
Judicial review


8. When both parties agree to rescind the contract
Mutual rescission
Design defect
Materiality
Limited jurisdiction


9. 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
Defenses against liability of misrepresentations or omissions
Other constituency statutes
Equity of redemption
Any statutory seller


10. A company subject to the Exchange Act
Vesting of beneficiary's rights
Reporting company
Express contract
Rules of interpretation of a contract by a court


11. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Rules of construction
Discharge of contract
Securities Act Registration
Administrative Procedure Act


12. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
'in pari delicto'
Mutual mistake
Petit jury
Excuse of condition


13. They represent the amount of money a party has spent in justifiable reliance on a contract.
Domicile
Reliance damages
Statutory Seller
Civil Law or Code Law


14. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Gift
Mutual rescission
Security interest
Quasi-contract


15. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Total breach
Section 10(b) and Rule 10b-5 of the Exchange Act
Answer
Securities and Exchange Commission


16. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Restatement (Second) of Contracts
Changed circumstances that allow a party to be excused from performance under the contract
Product liability


17. 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)
Plaintiff
Multilateral treaties
Tie-in agreement
Restitution


18. The person to whom the right is assigned
Unjust enrichment
Assignee
Nonexpertized portions
Summons


19. 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.
Total breach
Manufacturing defect
Misstatement or omission
Civil liability


20. 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
Direct damages
Unilateral contract
Rule 504 of Regulation D of the Securities Act


21. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
Bilateral investment treaties
National Labor Relations Board (NLRB)
Grand jury


22. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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23. When a party unlawfully indicate that he will not perform when the performance is due.
The Statute of Frauds
Anticipatory repudiation
Mutual mistake
Treaties authority


24. A condition that occurs at the same time as performance
Scienter
Rules of construction
Foreign Sovereign Immunities Act
Condition concurrent


25. If the promisor substantially performs under teh contract
Americans with Disabilities Act (ADA)
Model Rules of Professional Conduct
Partial or trivial breach
Toxic Substances Control Act


26. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Res ipsa loquitor
Scienter
Unilateral contract
Statute of limitations


27. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Attorney/client privilege
Defined benefit plans
Substantial performance
Inadequate warning defect`


28. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Examples of Uniform Laws
Chapter 13 of the Code
Legal capacity
Environmental Protection Agency


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

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30. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Demurrer
Delegation
Fair Debt Collection Act
Domicile


31. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Termination of an invitation to make an offer
Gift
Model Rules of Professional Conduct
Commercial speech


32. Prohibit discrimination based on pregnancy or childbirth
Pregnancy Discrimination ACt
Quasi-suspect classification
Section 7A of the Clayton Act
Chapter 11 of the Code


33. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Misrepresentation
Foreign Corrupt Practices Act
'de nuvo'


34. 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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35. 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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36. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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37. Directors - certain officers - and owners
Process of appealing a case through the three levels of court
Control persons
Obligor's rights
Demand assurance


38. A contract that is made where two promises are outstanding.
Bilateral contract
Section 4 of the Securities Act
Changed circumstances that allow a party to be excused from performance under the contract
Indictment


39. A creditor that does not have a security interest in any of the debtor's property or assets.
Fair Labor Standards Act (FLSA)
Unsecured creditor
Shareholder primacy
Price fixing


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).
Federal Trade Commission
Treaties authority
Product liability
Bureau of Customs and Border Protection


41. 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 -
Beneficiary's rights
Supreme Court powers
Clean Water Act
Counteroffer


42. 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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43. Place of permanent residence
Adhesion
Domicile
Fraud
Trust


44. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
'Blue sky' laws
Rule 506 of Regulation D of the Securities Act
Rule 504 of Regulation D of the Securities Act
Subjective intent


45. 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
The Environmental Quality Report
Consideration
Market division
Federal Communications Commission


46. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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47. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Exclusive distributor agreements
General Agreement on Tariffs and Trades
Res judicata
Remediation


48. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Deontological
Appellate jurisdiction
Implied contracts
Partial or trivial breach


49. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Demand assurance
Pleadings
Civil liability


50. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Common Law
Pre-existing duty
Exchange Act Regulations
Discovery