Chapter 10 voacb.
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Created by:
wookiefanatic on January 4, 2010
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15 terms
Terms | Definitions |
|---|---|
 lottery | has 3 elements: a prize (something of value for one or more winners), a chance (the winner determined solely by luck) and consideration (a payment to participate) |
| wager | one of the most comon forms of gambling, is a bet on the uncertian outcome of an event |
| compounding a crime | refrain from informing on or prosecuting an alleged crime in exchange for money or other valuable consideration |
| competency license | state requirement for people in certain occupations and businesses to pass exams and receive license |
| revenue license | required license imposed by the governments on certain occupations for the sole purpose of raising money |
| price fixing | crime under federal law |
| bid rigging | a form a of price fixing |
| unconscionability | occurs when there is a grossly unfair contract that parties under ordinary circumstances would accept |
| statue of frauds | a state law that requires that certain contracts be in writing |
| executed contract | one that has been fully performed |
| executory contract | one that has not been fully performed |
| quasi-contract | exists when some element of an enforceable contract is missing |
| integration clause | clause stating both parties agree that the terms in the written contract constitute the entire and final agreement |
| contracts of adhesion | (disfavored by courts) unequal bargaining - pattern selling, all one way, contract pre-printed |
| Parol evidence | oral proof of contract terms which are not contained within the written contract document |
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