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Chpt 16 Capacity

Kubasek Dynamic Business Law Chapter 16 Capacity and Legality

QuestionAnswer
adhesion contract A contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it bass. Such contracts are legal but are sometimes rescinded on the grounds of unconscionability and the absence of one party's free will to enter a
Capacity Persons over the age of majority 18, can enter into binding legal contracts; test Whether the person knows what they are doing or signing.
Disaffirm Contract Minors can Disafirm
affirming a Contract Minors can Affirm a Contract after 18
covenants not to compete An agreement not to compete against a Party for a set period of time within a designated geographic area.
Radication of contract implied radication after turning Age of majority 18
exculpatory Clause basically frees one party (usually the drafter) from all liability arising our of performance of the contract.
indivisble contract A contract that connot be divided and must be performed in its entirety.
in pari delicto In equal Fault
unconscionability Grounds for rescinding an unconscionable contract.
unconscionable one party has so much more bargaining power than the other party that the powerful party dictates the terms of the agreement and elminates the other party's free will.
usury The lending of money at an exorbitant or unlawful rate of interest. 10% max rate between private parties.
Legality of contract Can not enter into a contract for something illegal.
Limited Liability Causes need to be conscionable
Created by: tinafici