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17 Cards in this Set

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  • Back
contractual capacity
the threshold mental capacity required by law for a party who enters into a contract to be bound by that contract
disaffirmance
the legal avoidance, or setting aside, of a contractual obligation
necessaries
necessities required for life, such as food, shelter, clothing, and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and 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
blue laws
state or local laws that prohibit the performance of certain types of commercial activities on Sunday
employment contract
a contract between an employer and an employee in which the terms and conditions of employment are stated
covenant not to compete
a contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of time and geographic area and part of, or supplemental to, an employment contract or a contract for the sale of a business
reformation
a court-ordered correction of a written contract so that it reflects the true intentions of the parties
unconscionable contract
(or unconscionable clause)
a contract or clause that is void on the basis of public policy because one party, as a result of disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party
adhesion contract
a "standard-form" contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms
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
blue sky laws
state laws that regulate the offer and sale of securities
scienter
knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive
statute of frauds
a state statue under which certain types of contracts must be in writing to be enforceable
collateral promise
a secondary promise that is ancillary (subsidiary) to a principle transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be in writing to be enforceable
prenuptial agreement
an agreement made before marraige that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable