Chapter 13 Flashcards
When is an agreement illegal
When the performance or objective of an agreement is criminal, tortious, or otherwise contrary to public policy.
What is a licensing statute
Requires formal authorization to engage in certain trades, professions and business
What is a regulatory statute
Protects the public from unqualified persons trying to do certain work. Unlicensed individuals may not recover for services rendered
Quantum Meruit
Enables a party to recover for value of services performed
Revenue license
Statute that seeks to raise money. An unlicensed person may recover for services performed
What is the difference between a revenue license and regulatory license
A revenue license does not seek to protect the public from unqualified individuals
What is a gambling statute
Prohibits wagers which are agreements that one party will win and another lose depending on outcome when the only interest is gain and loss
What is a usury statute
Establishes a max rate of interest
What are Sunday statutes
Prohibition of certain types of activities on Sunday (Blue Laws)
What are common law restraints of trade
Unreasonable restraints of trade are not enforcable
What happens in the sale of a business
A promise is made by a seller of a business to not compete in that particular business in a reasonable geographic area and reasonable time
What are the main elements of a non compete
Reasonable geography, time, restriction on solicitation of customers, and confidentiality
What is a covenant not to compete
An agreement to refrain from entering a competing trade profession or business
A boss approaches you with a confidentiality agreement all new employees must abide by to keep working, does continued employment constitute consderation?
Yes, continued employment does constitute consideration
Confidential info is not limited to which standards
Geography and time
