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13 Cards in this Set
- Front
- Back
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standard-form contract
such as between a large retailer and a consumer, in which stronger party dictates terms |
adhesion contract
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age at which an individual is considered legaly capable of conducting himself responsibly
can not longer disaffirm a contract |
age of majority
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state/local laws that prohibit performance of certain types of commercial activities on Sunday
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blue laws
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threshold mental capacity required by law for a party who enters into a contract to be bound by that contract
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contractual contract
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contractual promise to refrain from competing with another party for a certain period of time and within a reasonable geographic area
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covenant not to compete
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legal avoidance, or setting aside, of a contractual obligation
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disaffirmance
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act of being freed from parental control;
child's parents relinquish legal right to exercise control over child |
emancipation
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released a contractual party from liability in the event of monetary or physical injury, not matter who is at fault
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exculpatory clause
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at equal fault
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in pari delicto
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necessities required for life;
may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status |
necessaries
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act of accepting and giving legal force to an obligation that previously was not enforceable
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ratification
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void on the basis of public policy, because one party, as a result of his disproportionate bargaining power is forced to accept terms unfairly burdensome and benefit dominant party
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unconscionable
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charging an illegal rate of interest
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usury
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