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BUA 221 CH.1,2,3,4,5 > Chapter 10 Review > Flashcards

Chapter 10 Review Flashcards

1
Q

What is Pari Delicito

A

equally at fault or equally guilty

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2
Q

What is the fourth and final requirement of a valid contract?

A

It must be made for a legal purpose

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3
Q

What are the types of illegal contracts

A 
Civil and Criminal 
Gambling Statues
Licensing Statues 
Sunday statues 
Usury Statutes
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4
Q

What is Licensing statues

A

A law requiring you to be licensed at your occupation

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5
Q

What is Gaming?

A

A legal way to make money like the lottery

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6
Q

What is Gambling?

A

illegal agreement in which one party wins and another loses purely by chance.

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7
Q

What are the types of Gamblers

A

Recreation and Professional

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8
Q

What is Recreation Gambler

A

One who gambles for pleasure

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9
Q

What is Professional Gambler

A

One who gambles as their profession or business

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10
Q

fee paid by borrower to lender

A

Interest

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11
Q

Usury

A

Charging a higher rate of Interest than allowed by law

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12
Q

Sunday laws

A

laws governing the types of transactions that can be made on sundays

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13
Q

Agreement Opposed to Public Policy

A

may be illegal even though there is even though there is no specific statute in place prohibiting it.

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14
Q

What is Exculpatory Clause

A

Clause excusing a party of liability for Negligence

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15
Q

Contract of Adhesion

A

Contract containing unfavorable terms that favor one party that makes them superior.

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16
Q

Courts that interfere with justice and interfere with law from being applied is…

A

Illegal

17
Q

Lobbying

A

Trying to convince lawmakers to vote for or against legislation.

18
Q

Covenant

A

Promise not to compete

19
Q

illegality

A

Determined by degree or restrictiveness

20
Q

What are the treatment of unreasonable clauses

A
  1. throw it out completely

2. apply blue pencil doctrine

21
Q

unconscionable agreement

A

contract one sided and unfair it would not be enforces

22
Q

To say an illegal contract is void means it never existed True or False?

A

True

23
Q

If both parties are in pari delicito neither parties can successfully sue
True or False?

A

True

24
Q

While illegal contracts have civil penalties the parties involved may also be subject to criminal penalties.
True or False?

A

True

25
Q

Charging interest in excess of the legal rate is called usury.
True or False?

A

True

26
Q

An agreement to rob a bank is an example of a void contract

A

True

BUA 221 CH.1,2,3,4,5 (11 decks)

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