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Business Law Today 8
Chapter 8
| Question | Answer |
|---|---|
| Scienter | Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive. |
| Adhesion Contract | A "standard-form" contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms. |
| Blue Laws | State or local laws that prohibit the performance of certain types of commercial activities on a Sunday., |
| Blue Sky Laws | State laws that regulate the offering and sale of securities for the protection of the public. |
| Collateral Promise | A secondary promise that is ancillary to a principal transaction or primary contractual relationship. |
| Contractual Capacity | The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract. |
| Covenant Not To Compete | A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. |
| Disaffirmance | The legal avoidance, or setting aside, of a contractual obligation. |
| Emancipation | In reguards to minors, the act of being freed from parental control |
| Employment Contract | A contract between an employer and an employee in which the terms and conditions of employment are stated. |
| Exculpatory Clause | A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. |
| Necessaries | Necessities required for life. |
| Prenupitial Agreement | An agreement made before marriage that defines each partner's ownership rights in the other partner's property. |
| Ratification | The act of accepting and giving legal force to an obligation that previously was not enforceable. |
| Reformation | A court-ordered correction of a written contract so that it reflects the true intentions of the parties. |
| Statue Of Frauds | A state statue under which certain types of contracts must be in writing to be enforceable. |
| Unconscionable Contract Of Clause | A contract or clause that is void on the basis of public policy because one party, as a result of disproportionate bargaining power, is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party. |
| Usury | Charging an illegal rate of interest. |
Created by:
nicholashagler
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