Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business Law Ch.8
Capacity, Legality, and Enforceability
| Question | Answer |
|---|---|
| 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
Popular Law sets