Chapter 13. Flashcards Preview

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Flashcards in Chapter 13. Deck (7)
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1
Q

Contractual capacity

A

Capacity required by law for two parties to enter into contract

2
Q

Restrictive covenant (covenant not to compete)

A

Contract stating that one party refrain from conducting business similar to that of other party for a certain period of time in a specified area

3
Q

Employment contracts

A

Contract that state terms of employment

4
Q

Reformation

A

A court ordered correction of a written contract so that it reflects the true intentions of the parties

5
Q

Unconscionable

A

Voidable contract where terms of contract favor one party greatly

6
Q

Adhesion contract

A

A standard form contract in which the stronger party dictates the terms

7
Q

Exculpatory clause

A

Releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault