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29 Cards in this Set
- Front
- Back
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Minor |
- a person who has not reached the age of majority |
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Infancy Doctrine |
- a doctrine that allows minors to disaffirm (cancel) most contracts they have entered into with adults |
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Disaffirm |
- the act of a minor to rescind a contract under the infancy doctrine |
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Duty of Restoration |
- a rule that states that a minor is obligated only to return the goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance |
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Duty of Restitution |
- a rule that states that if a minor has transferred money, property, or other valuables to the competent party before disaffirming the contract, that party must place the minor in status quo |
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Ratification |
- the act of a minor after the minor has reached the age of majority by which he or she accepts a contract entered into when he or she was a minor |
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Emancipation |
- the act or process of a minor voluntarily leaving home and living apart from his or her parents |
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Necessaries of Life |
- food, clothing, shelter, medical care, and other items considered necessary to the maintenance of life - minors must pay the reasonable value of necessaries of life for which they contract |
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Legal Insanity |
- a state of contractual incapacity, as determined by law |
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Adjudged Insane |
- declared legally insane by a proper court or administrative agency |
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Insane But Not Adjusted Insane |
- being insane but not having been adjudged insane by a court or an administrative agency |
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Intoxicated Person |
- a person who is under contractual incapacity because of ingestion of alcohol or deus to the point of incompetence |
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Lawful Contract |
- a contract that has a lawful object |
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Illegal Contract |
- a contract that has an illegal object |
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Usury Law |
- a law that sets an upper limit on the interest rate that can be charged on certain types of loans |
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Case Example of Illegal Contract |
Parente v. Pirozzoli |
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Gambling Statutes |
- statutes that make certain forms of gambling illegal |
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Effect of Illegality |
- a doctrine that states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them |
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In Pari Delicto |
- a situation in which both parties are equally at fault in an illegal contract |
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Contract Contrary to Public Policy |
- a contract that has a negative impact on society or that interferes with the public's safety and welfare |
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Immoral Contract |
- a contract whose objective is the commission of an act that society considers immoral |
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Contract in Restraint of Trade |
- a contract that unreasonably restrains trade |
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Licensing Statute |
- a statute that requires a person or business to obtain a license from the government prior to engaging in a specified occupation or activity |
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Regulatory Licensing Statute |
- a licensing statute enacted to protect the public |
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Revenue-Raising Statute |
- a licensing statute with the primary purpose of raising revenue for the government |
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Case Example for Licensing Statute |
Sturdza v. United Arab Emirates |
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Exculpatory Clause |
- a contractual provision that relieves one (or both) of the parties to a contract from tort liability for ordinary negligence
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Covenant Not To Compete |
- a contract that provides that a seller of a business or an employee will not engage in a similar business or occupation within a specified geographical area for a specified time following the sale of the business or termination of employment |
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Unconscionable Contract |
- a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust |
