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Business Law Test 3 Part 3
Terms in this set (19)
Remedy by which a written instrument is corrected when it fails to express the actual intent of both parties because of fraud, accident, or mistake.
Status quo ante
Original positions of parties.
Influence that is asserted upon another person by one who dominates that person.
Crossing out of a part of an instrument or a destruction of all legal effect of the instrument, whether by act of the party, upon breach by the other party, or pursuant to agreement or decree of court.
Composition of creditors
Agreement among creditors that each shall accept a part payment as full payment in consideration of the other creditors doing the same.
Promise or performance that the promisor demands as the price of the promise.
Refraining from doing an act.
Promise that in fact does not impose any obligation on the promisor.
Something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present.
A promisor may be prevented from asserting that his or her promise is enforceable because the promisee gave no consideration for the promise.
In what 4 situations is promissory estoppel applicable?
1) The promisor makes a promise that lacks consideration. 2) The promisor intends or should reasonably expect that the promisee will directly rely on the promise. 3) The promisee in fact relies on the promise in some definite and substantial manner. 4) Enforcement of the promise is the only way to avoid injustice.
In pari delicto
Equally guilty; neither party gets anything because both did something wrong.
Contract of adhesion
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.
Any plan by which a consideration is given for a chance to win a prize.
What are the 3 elements of a lottery?
Prize, chance, and consideration.
Protection from that which tends to be injurious to the public or contrary to the public good or which violates any established interest of society.
Lending money at an interest rate that is higher than the maximum rate allowed by law.
Agreement that has been completely performed.
THIS SET IS OFTEN IN FOLDERS WITH...
Business Law Test 3 Part 1
Business Law Test 3 Part 2
Business Law Test 3 Part 4
Business Law test 3 Part 5
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