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23 Cards in this Set
- Front
- Back
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capacity
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the legal power to give consent
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age of majority
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age at which the person is held full acountable in law
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minors
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people who have not reached the age of majority
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voidable
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the contract is "" if a minor is entitles to avoid the legal obligations that is created
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chartered corporations
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are treated the same as individuals who have reached the age of majority
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statuary corperations
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have limited contractual capacity
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associations
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usually unicorperated business organizations that lack contractual capacity
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indian band
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a body of aboriginal people whos land an money are held by the crown
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guarantee
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a contractual promise by a third party, called a guarantor, to satisfy a debtors obligation if a debtor fails to do so
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indemnity
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an unconditional promise to assume another debt completely
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material mistake
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one that matters to the mistaken party in an important way
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frusterated
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a contract is "" when some event makes performance impossible or radically undermines the purpose behinde the agreement
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non est factum
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literally mean this is not my deed
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duress of person
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refers to physical violence or the threat of violence
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duress of goods
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occurs when one person seizes or threatens to seize another persons goods to force that person to create a contract
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economic duress
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when a person enters into a contractual agreement after being threatend with financial harm
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undue influence
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the use of pressure to overpower the will of a weaker party and induce an agreement
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fiduciary relationship
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a relationship in which one person is in a position of dominace over the other
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unconscionable transaction
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an agreement that no right minded person would ever make and no fair minded person would ever accept
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improvident bargain
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a bargain made without regard to ones future
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illegal agreements
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are exressly or implicitly prohibited by statute
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regulatory statute
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the purpose of "" is not to punish individuals for wrong doing but rather to regulate their conduct through and administrative regime
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covenant in restraint of trade
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a contractual term that unreasonably restricts one parties liberty to carry on a trade, business or profession in a particular way
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