Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Ch11 IllegalityContr

Chapter 11 Illegality of Contracts

TermDefinition
allocation of markets occurs when competitors divide markets between themselves, ex: Ford dealers in a state agree that they will not sell to residents outside of the county where their dealership is located, this eliminates price competition and injures the consumer
Wager a bet
unconscionable contract grossly unfair contract for the sale of goods
revenue license licensing statute that seeks to raise money; an unlicensed person may recover for services he has performed
compounding a crime accepting something of value for a promise not to inform on or prosecute a suspected criminal
legal rate of interest Rate specified by statute when interest is called for but no percentage is stated in the contract
usury Charging interest on a loan, esp. charging illegally high or excessive interest
procedural unconscionability Gross unfairness in how a contract is created
price fixing an agreement between two or more firms on the price they will charge for a product
resale price maintenance price fixing imposed by a manufacturer on wholesale or retail resellers of its products to deter price-based competition
bid rigging Competitors who bid on jobs agree that one bidder will have the lowest bid for a particular job
gambling Involves an agreement with three elements: payment to participate, a chance to win based on luck rather than skill, and a prize for one or more parties.
small loan rate of interest higher interest rate that loan companies and pawnbrokers may charge
substantive unconscionability Where the terms of the contract are unreasonably favorable to one party: grossly excessive price, grossly disproportionate consequences for a minor breach, provisions binding one party that do not bind the other
competency license state requirement for people in certain occupations and businesses to pass exams and receive a license
covenants not to compete a promise not to engage in a competing business/profession (only legal if in reasonable scope, time and geographic area)
divisible contracts contracts for which seperate consideration is given for the legal and illegal parts
maximum rate of interest Rate of interest at which, by statute, lenders may not exceed.
restitution Compensation for loss or injury
Indivisible Contract The contract needs to be fulfilled completely before it is finished. In other words, there are no parts the contract can be divided into.
Created by: cherman218
Popular Law sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards