Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
|
in pari delicto |
at equal fault |
|
|
adhesion contract |
a standard-form contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms |
|
|
age of majority |
the age at which an individual is considered legally capable of conducting him/herself responsibly. |
|
|
benefits of age of majority |
full rights of citizenship including the right to vote in elections |
|
|
age of majority in contract law |
one who is no longer an infant and can no longer disaffirm a contract |
|
|
disaffirmance |
the legal avoidance, or setting aside, of a contractual obligation. |
|
|
blue laws |
state or local laws that prohibit the performance of certain types of commercial activities on Sunday. |
|
|
contractual capacity |
the threshold mental capacity required by the law for a party who enters into a contract to be bound by that contract. |
|
|
covenant not to compete |
a contractual promise to refrain from competing with another party for a certain period of time & within a reasonable geographic area. enforced in court unless time/area is deemed unreasonable. |
|
|
covenant not to compete 2 |
restrains trade & commonly found in partnership and business sale agreements and employment contracts. |
|
|
emancipation |
the act of being freed from parental control; occurs when child's parent/guardian relinquishes the legal right to control the child. |
|
|
exculpatory clause |
a clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. Used by gyms, racetracks, amusement parks, ski resorts, horse-rentals, skydiving orgs, etc. |
|
|
necessaries |
necessities required for life, such as food, shelter, clothing and medical attention; may include whatever is believe to be necessary to maintain a person's standard of living or financial & social status. |
|
|
ratification |
the act of accepting and giving legal force to an obligation that previously was not enforceable. |
|
|
usury |
charging an illegal rate of interest |
|
|
unconscionable |
a contract or clause void on the basis of public policy because one party, with less bargaining power, is forced to accept terms that are unfairly burdensome and unfairly benefit the other party |
