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11 Cards in this Set
- Front
- Back
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Lottery
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game involving the three elements of prize, chance, and consideration
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Wager
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bet on the uncertain outcome of an event
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Compounding a Life
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refrain from informing on or prosecuting an alleged crime in exchange for money or other valuable consideration
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Competency License
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state requirement for people in certain occupations & businesses to pass exams & receive a license
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Revenue License
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require license imposed by governments on certain occupations for the sole purpose of raising money
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Antitrust Laws
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laws that prohibit competitive companies from price fixing or dividing up sales regions
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Price Fixing
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competitors agree to charge the same amount for a product or service
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Bid Rigging
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competitors' agree that on bidder will have the lowest bid for a particular job
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Unconscionable
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term/contract that under the UCC is grossly unfair & oppressive
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Statute of Frauds
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law stating that certain agreements are not forcible in court unless they are evidenced by a signed writing
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Parol Evidence
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spoken words inadmissible in court
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