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19 Cards in this Set
- Front
- Back
violations of statues
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the courts will not enforce agreements declared illegal by statute
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licensing statutes
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require formal authorization to engage in certain trades, professions, or businesses
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regulatory license
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licensing statute that is intended to protect the public against unqualified persons; an unlicensed person may not recover for services he has performed
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revenue license
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licensing statute that seeks to raise money; an unlicensed person may recover for services he has performed (way of taxing)
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gambling statues
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prohibit wagers, or agreements that one party will win and the other lose depending on the outcome of an event in which their only interest is the gain or loss
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usury statues
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establish maximum rates of permissible interest for which a lender and borrower of money may contract
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violations of public policy
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agreements having "a tendency to be injurious to the public or the public good"
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contracts that interfere with public policy
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restrain trade; excuse or exculpate a party from liability for own negligence; are unconscionable; involve tortutious conduct; corrupt public officials; impair legislative process
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common law restraint of trade
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any contract/agreement that eliminates competition or otherwise obstructs trade or commerce (not enforceable)
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sale of a business
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the promise by the seller of a business not to compete in that particular business in a reasonable geographic area for a reasonable period of time (this contract is enforceable)
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employment contracts
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an employment contract prohibiting an employee from competing with his employer for a reasonable period following termination is enforceable (provided restriction is necessary to protect legitimate interests)
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exculpatory clauses
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the courts generally disapprove of contractual provisions excusing a party from liability for his own tortious conduct (unless one party's superior bargaining position enabled him to impose the clause, and not contrary to public policy)
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unconscionable contracts
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unfair or unduly harsh agreements (not enforceable, or if any part of contract is unfair it can be refused)
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procedural unconscionability
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unfair or irregular bargaining
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substantive unconscionability
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oppressive or grossly unfair contractual terms
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tortious conduct
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an agreement that requires a person to commit a tort (unenforceable)
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corrupting public officials
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agreements that corrupt public officials such as improper influence or bribing police officers (not enforceable)
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effect of illegality
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unenforceability-neither party may recover under an illegal agreement where both parties are in equal fault
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exceptions of unenforceabiltiy (one party may recover)
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if a party withdraws before performance, if a party is protected by the state, if the parties are not equally at fault, if one party was unaware (excusable ignorance) of illegality, or if contract is partially illegal
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