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20 Cards in this Set
- Front
- Back
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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
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Gambling Statutes
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prohibit wagers, which are 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 Statutes
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establish a maximum rate of interest
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Common Law Restraint of Trade unreasonable restraints of trade are not enforceable
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• Sale of a Business 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 is enforceable
• Employment Contracts an employment contract prohibiting an employee from competing with his employer for a reasonable period following termination is enforceable provided the restriction is necessary to protect legitimate interests of the employer |
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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
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Unconscionable Contracts
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• Procedural Unconscionability unfair or irregular bargaining
• Substantive Unconscionability 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 is unenforceable
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Corrupting Public Officials
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agreements that corrupt public officials are not enforceable
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MINORS
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Definition person who is under the age of majority (usually eighteen years)
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Liability on Contracts minor’s contracts
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are voidable at the minor’s option
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Disaffirmance
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avoidance of the contract; may be done during minority and for a reasonable time after reaching majority
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Ratification
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affirmation of the entire contract; may be done upon reaching majority
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Liability for Necessaries
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a minor is liable for the reasonable value of necessary items (those that reasonably supply a person’s needs)
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Liability for Misrepresentation of Age
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prevailing view is that a minor may disaffirm the contract
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Liability for Tort Connected with Contract
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if a tort and a contract are so intertwined that to enforce the tort the court must enforce the contract, the minor is not liable in tort
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Person under Guardianship
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contracts made by a person placed under guardianship by court order are void
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Mental Illness or Defect
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a contract entered into by a mentally incompetent person (one who is unable to understand the nature and consequences of his acts) is voidable
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Intoxicated Persons
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a contract entered into by an intoxicated person (one who cannot understand the nature and consequence of her actions) is voidable
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