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Business Law Ch 10

Business Law with UCC Applications Ch 10

QuestionAnswer
Abandoned In contract law, the condition that exists when a minor has left home and given up all rights to parental support.
Affirmance The principal's approval of an unauthorized act performed by an agent or by one who has no authority to act as an agent. Also, an approval of a contract made by a minor after reaching maturity. (See Ratification.)
Capacity In contract law, to indicate by a statement or act an intent not to live up to the terms of the contract.
Disaffirm In contract law, to indicate by a statement or act an intent not to live up to the terms of the contract.
Emancipated In contract law, the condition that exists when minors are no longer under the control of their parents and are responsible for their contracts.
Majority A term used to describe persons who have reached the legal age of adulthood.
Minority A term used to describe persons who have not reached the legal age of adulthood.
Necessaries Goods and services that are essential to a minor's health and welfare.
Ratification The principal's approval of an unauthorized act performed by an agent or by one who has no authority to act as an agent. Also, an approval of a contract made by a minor after reaching maturity. (See Affirmance.)
Rebuttable Presumption A disputable presumption that a defending party has the right to attack.
Blue Laws State statues and local ordinances that regulate the making and performing of contracts on Sunday.
Conspiracy The crime that occurs when people get together with others to talk about, plan, or agree to commission of a crime.
Exculpatory Clause A clause that says one of the parties to a contract, generally the one who wrote the contract, is not liable for any economic loss or physical injury, even if that party caused the loss or injury.
Illegal Agreement In contract law, a void agreement to do something that violates the law.
In Pari Delicto (in par-ree de LIK-toh) In equal fault. A contract relationship when both parties to an illegal agreement are equally wrong, in the knowledge of the operation and effect of their contract.
Local Option The practice in a state of eliminating uniform statewide laws regulating Sunday activities and allowing the local counties, cities, towns, and villages to adopt their own special Sunday ordinances.
Noncompete Agreement A promise by an employee in an employment contract not to work for anyone else in the same field of employment for a specified time period within a particular geographical area. ( Also known as Restrictive Employment Covenant)
Nondisclosure Agreement An agreement that requires employees to promise that, should they leave their employment with their present employer, they will not reveal any confidential trade secrets that they may learn at their current job.
Public Policy The general legal principle that says no one should be allowed to do anything that tends to injure the public at large.
Restrictive Covenants A promise by an employee in an employment contract not to work for anyone else in the same field of employment for a specified time period within a particular geographical area.
Restrictive Employment Covenant A promise by an employee in an employment contract not to work for anyone else in the same field of employment for a specified time period within a particular geographical area. (Also known as Noncompete Agreement)
Usury The practice of charging more than the amount of interest allowed by law.
Created by: dengler
 

 



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