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Business Law Ch.8

Capacity, Legality, and Enforceability

A definition of the term contractual capacity would be: the ability to enter into a contractual relationship
The general rule with respect to minors who enter into contracts is: some contracts may be avoided by the minor
A usurious contract is one that involves: an illegally high rate of interest
In an exculpatory clause: one party releases the other party from liability in the event of monetary or physical injury, no matter who is at fault
If you do not voluntarily consent to a contract, you may: rescind or cancel the contract
Mistakes of fact occur in two forms. What are they? unilateral and bilateral (mutual)
If a party to a contract has an intent to deceive the other party, this is known as: scienter
Elements of fraud include: there must be an intent to deceive, the innocent party must have justifiably relied on the misrepresentation, and the misrepresentation must concern a material fact
The following are covered by the Statute of Frauds: a contract for the sale of land, a contract for the sale of a new car, the contract for the sale of the right to walk across your neighbor's yard in order to get to the beach
Under the common law, a written memorandum evidencing an oral contract must include: the essential terms
Created by: ashbob12