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11 Cards in this Set
- Front
- Back
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Lottery:
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game involving the three elements of prize,chance, and consideration.
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Wager:
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bet on the uncertain outcome of an event.
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Compounding a crime:
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accepting something of value for a promise not to inform on or prosecute a suspected criminal.
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Competency license:
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state requirement for people in certain occupations and businesses to pass exams and receive a license.
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Revenue License:
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required license imposed by the government on certain occupations for the sole purpose of raising money.
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Anti-Trust Laws:
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laws that prohibit competing companies from fixing or diving up sales regions; the Sherman, Clayton, and Federal Trade Commission Acts are the foremost examples of these laws at a federal level.
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Price Fixing:
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competitors agree to charge the same amount for a product or service.
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Bid Rigging:
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competitors agreement that one bidder will have the lowest bid fro a particular job.
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Unconscionable:
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term or contract that, under the UCC, is grossly unfair and oppressive.
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Statute of Frauds:
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law stating that certain agreement are not enforceable in court unless they are evidenced by a signed writing
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Parol Evidence:
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spoken words inadmissible in court.
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