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Law for Business & Personal Use Ch. 11

South-Western 2000
STUDY
PLAY
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