1.
Allocation of markets: when competitors divide markets between themselves
ex:Coke has one side of Pa and Pepsi has the other.So,they can set prices at what they want themselves.
2.
Bid rigging: when competitors bid on jobs agree that one bidder will have the lowest bid for a particular jobs
ex: A:200,000 B:180,000 C:210,000
3.
Competency license: state requirement for people in certain occupations and businesses to pass exams and receive a license
4.
Compounding a crime: accepting something of value for a promise not to inform on or prosecute a suspected criminal
5.
Divisible: Separate consideration is given for the legal and illegal parts of a contract
6.
Gambling: activity involving an agreement with the following: payment to participate, chance to win based on luck rather than skill, and a prize for one or more winners
7.
Indivisible: Contracts in which legal, and illegal parts cannot be broken out as separate items
8.
Legal rate of interest: rate specified by statute when interest is called for but no percentage is stated in the contract
9.
Maximum rate of interest: rate of interest at which,by statue,lenders may not exceed
10.
Price fixing: when competing firms agree on the same price to be charged for a product or service
11.
Procedural Unconscionability: Shown by how the contract is created
12.
Resale price maintenance: when manufacturers want retailers to sell there product at particular prices
ex:MSRP
13.
Restitution: Recover your payment
14.
Revenue license: required license imposed by governments on certain occupations for the sole purpose of raising money
15.
Small loan rate of interest: higher interest rates that loan companies and pawnbrokers may charge on loans up to $2,000
16.
Substantive Unconscionability: Established by the terms of the agreement
17.
Unconscionability: When there is a grossly unfair contract that parties under ordinary circumstances would not accept
18.
Usury: lending money at a rate higher than the states maximum allowable rate
19.
Wager: bet on the uncertain outcome of an event