← Chapter 16 Test
2 Written Questions
2 Multiple Choice Questions
- contract offered by a dominant party to a party with inferior bargaining power on a take-it-or-leave- it basis.
- absence of knowledge of any defects or problems.
2 True/False Questions
public policy → any plan by which a consideration is given for a chance to win a prize; it consists of three elements: (1) there must be a payment of money or something of value for an opportunity to win, (2) a prize must be available, and (3) the prize must be offered by lot or chance.
usury → lending money at an interest rate that is higher than the maximum rate allowed by law.