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. 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
Unemployment compensation laws
Criminal Trial
Occupational Safety and Health Administration (OSHA)
Section 11 of the Securities Act


2. When a party unlawfully indicate that he will not perform when the performance is due.
Product liability
Anticipatory repudiation
Mutual mistake
Section 5 of the Securities Act


3. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Substitutes of consideration
Objective standard
Strict liability
National Labor Relations Act


4. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
The Council on Environmental Quality
Statute of limitations
Writ of habeas corpus
Content-neutral restrictions


5. A condition that must occur before a duty to perform arises
Changed circumstances that allow a party to be excused from performance under the contract
Motion to strike
Condition precedent
Liability based on intentional tort


6. 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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7. 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.
Token consideration
The Environmental Quality Report
Utilitarianism
Petit jury


8. 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
Bureau of Consumer Protection
Federal Information Act
A motion of summary judgement


9. 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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10. Offering made to purchase all or a portion of the shares of a specific company
8-K
National Institute for Occupational Health
Tender offers
Section 7A of the Clayton Act


11. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Verdict
Malpractice
Rules of construction
Answer


12. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Duties that cannot be delegated
Pre-existing duty
Duress
Foreign Sovereign Immunities Act


13. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Involuntary proceeding
Substitutes of consideration
Shareholder primacy
Pre-existing duty


14. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Exclusive dealing agreement
Monopoly
8-K
Investment contracts


15. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Equity of redemption
Oral argument
Limited jurisdiction
Section 7A of the Clayton Act


16. A condition that occurs at the same time as performance
Securities and Exchange Commission
Fair Credit Reporting Act
Condition concurrent
Indictment


17. 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.
Procedural unconscionability
Lanham Act
Counterclaims
Treaties authority


18. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Performance
Strict liability
Fair Debt Collection Act
Utilitarianism


19. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Employee-at-will
Affirm or disaffirm
10-Q
Prosecution


20. Regulates air and water pollution as well as address problems associated with certain toxic substances
Section 7A of the Clayton Act
Mortgage
Environmental Protection Agency
Securities


21. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Production quotas
Injunction
Examples of Uniform Laws
Federal circuit court of appeals and the federal court of appeals


22. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Promisee's rights
When an assignment becomes void
Mortgage
Truth in Lending Act


23. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
United States Bankruptcy Code ('Code')
Fraud
10-Q
Jurisdiction


24. 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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25. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Employee-at-will
Personal jurisdiction
Standing


26. 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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27. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
General Agreement on Tariffs and Trades
Section 12(a)(2)
Anticipatory repudiation
Sherman Act


28. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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29. The party that won in the previous court trial - but the other party is appealing the decision.
Appellee or respondent
Attachment
Any statutory seller
Chapter 13 of the Code


30. The obligee who officially assigned over his rights
Total breach
Assignor
Consequentialism
Strict liability


31. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
General jurisdiction
Mutual rescission
Legal capacity
Section 12(a)(2)


32. 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.
Sham consideration
Occupational Safety and Health Act
Equal Credit Opportunity Act
Utilitarianism


33. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Limited jurisdiction
Adhesion
Mental incapacity
Sherman Act


34. 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.
Appellate jurisdiction
Monopoly
Corporate social responsibility
'Blue sky' laws


35. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Suspect classification
Direct damages
Accord
Oral argument


36. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Rule 144 of the Securities Act
Federal Trade Commission
Securities
Involuntary proceeding


37. A supervening stature makes a contract illegal - and thereby makes performance impossible
Lanham Act
Tie-in agreement
Secured transaction
Supervening illegality


38. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Specialized federal courts
Sham consideration
Superfund
Bona fide occupational qualification


39. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Demurrer
Defined contribution plan
When an assignment becomes void
Revocability


40. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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41. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Section 7A of the Clayton Act
Accord
Criminal Trial
Regulation D of the Securities Act


42. 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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43. Directors - certain officers - and owners
Bureau of Consumer Protection
Securities and Exchange Commission
Control persons
General Agreement on Tariffs and Trades


44. It represents notice that a lawsuit has been filed against the defendant
Summons
Equal Employment Opportunity Commission (EEOC)
Criminal Law
Monopoly


45. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
'Definite and certain'
Commercial speech
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)


46. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Contract
Rule 504 of Regulation D of the Securities Act
Implied contracts
Gramm-Leach-Bliley Act


47. The written set of charges against the defendant - which is presented to a grand jury.
Charitable contributions
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Indictment
Process of assignment


48. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Control persons
Creditor beneficiary
Mistake
Taking a contract 'out of the Statute of Frauds'


49. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Section 7A of the Clayton Act
Control persons
When an assignment becomes void
Consideration


50. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Defined benefit plans
Consequentialism
Bilateral Investment Treaty program
Condition subsequent