Law for Business & Personal Use Ch. 11

14 terms by mikedelpriore

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South-Western 2000

gambling

A bet on the uncertain outcome of an event

allocation of markets

Competitors' agreement to split market areas between themselves

unconscionable contract

Grossly unfair contract for the sale of goods

revenue license

Mechanism used by governments only to raise money

compounding a crime

Accepting something of value for a promise not to inform on or prosecute a suspected criminal

legal rate of interest

Rate specified by statute when interest is called for but no percentage is stated in the contract

usury

Charging interest on a loan beyond the legally permitted maximum rate

procedural unconscionability

Gross unfairness in how a contract is created

price fixing

Competitors agree to charge the same amount for a product or service, thus injuring customers

resale price maintenance

Manufacturer attempts to influence the retail price of its product or service

bid rigging

Competitors who bid on a jobs agree that one bidder will have the lowest bid for a particular job

gambling

Involves agreement with the following three parts: payment to participate, change to win based on luck rather than skill, and a prize for one ore more winners

small loan rate of interest

Higher interest rates that loan companies and pawnbrokers may charge on loans up to $2,000

substantive unconscionability

Element of unconscionability shown in the terms of the contract

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