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11 Cards in this Set
- Front
- Back
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Age of maturity |
When a person is no longer a minority |
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Emancipation |
When a minors parents relinquish the legal right to exercise control over the child |
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Disaffirmance |
The legal avoidance or setting aside of a contractual obligation |
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Ratification |
The act of accepting and giving legal force to an obligation that was not previously enforceable |
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Usury |
When a lender makes a loan above the lawful maximum interest rate |
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Noncompete agreement |
Restricts the employment of an employee after leaving a current employer |
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Reformation |
The process of changing terms of a contract when one party to the contract has been unfairly treated in the contract |
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Unconscionable |
When a contract is so oppressive to one party that a court will relieve innocent parties of their duties under the contract |
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Exculpatory clauses |
A contract clause that releases a party to contract in event of monetary or physical injury no matter who is at fault |
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In pari delicto |
Parties to contract are held to be equally at fault |
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Severable |
A contract that can be divided into parts that can be performed separately |
