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Chapter 10

Law chapter 10

TermDefinition
lottery game involving the three elements of prize, chance, and consideration
wager bet on the uncertain outcome of an event
compounding a crime accepting something of value for a promise not to inform on or prosecute a suspected criminal
competency license state requirement for people in certain occupations and businesses to pass exams and receive a license
revenue license required license imposed by governments on certain occupations for the sole purpose of raising money
antitrust laws laws that prohibit competing companies from price fixing or dividing up sales regions; the Sherman, Clayton, and Federal Trade Commission Acts are the foremost examples of these laws at the federal level
price fixing competitors agree to charge the same amount for a product or service
bid rigging competitors’ agreement that one bidder will have the lowest bid for a particular job
unconscionable term or contract that, under the UCC, is grossly unfair and oppressive
Statute of Frauds law stating that certain agreements are not enforceable in court unless they are evidenced by a signed writing
parol evidence spoken words inadmissible in court
Created by: 1103128
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