Chapter 10 Review Flashcards
What is Pari Delicito
equally at fault or equally guilty
What is the fourth and final requirement of a valid contract?
It must be made for a legal purpose
What are the types of illegal contracts
Civil and Criminal Gambling Statues Licensing Statues Sunday statues Usury Statutes
What is Licensing statues
A law requiring you to be licensed at your occupation
What is Gaming?
A legal way to make money like the lottery
What is Gambling?
illegal agreement in which one party wins and another loses purely by chance.
What are the types of Gamblers
Recreation and Professional
What is Recreation Gambler
One who gambles for pleasure
What is Professional Gambler
One who gambles as their profession or business
fee paid by borrower to lender
Interest
Usury
Charging a higher rate of Interest than allowed by law
Sunday laws
laws governing the types of transactions that can be made on sundays
Agreement Opposed to Public Policy
may be illegal even though there is even though there is no specific statute in place prohibiting it.
What is Exculpatory Clause
Clause excusing a party of liability for Negligence
Contract of Adhesion
Contract containing unfavorable terms that favor one party that makes them superior.
Courts that interfere with justice and interfere with law from being applied is…
Illegal
Lobbying
Trying to convince lawmakers to vote for or against legislation.
Covenant
Promise not to compete
illegality
Determined by degree or restrictiveness
What are the treatment of unreasonable clauses
- throw it out completely
2. apply blue pencil doctrine
unconscionable agreement
contract one sided and unfair it would not be enforces
To say an illegal contract is void means it never existed True or False?
True
If both parties are in pari delicito neither parties can successfully sue
True or False?
True
While illegal contracts have civil penalties the parties involved may also be subject to criminal penalties.
True or False?
True
