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Chapter 11 Vocabulary

AB
pari-mutuelA kind of betting where those who bet share the prize.
felonyA serious crime.
usuryThe lending of money at a higher rate than the maximum rate allowed by the state.
maximum rate of interestThe highest amount of interest that lenders may charge.
legal rate of interestA type of interest where no specific rate is stated.
wagerA bet on the uncertain outcome of an event.
small loan rate of interestAn interest rate higher than the maximum rate if interest that some states permit licensed loan companies and pawnbrokers to charge on small loans.
compunding a crimeThe act of refraining from informing on or prosecuting an alleged crime in exchange for money or other valuable consideration.
competency licenseA license required to ensure that persons in certain occupations and businesses are competent.
revenuje licenseA license used to raise money rather than to protect the public.
price fixingThe practice of agreesing on the same price by competing firms.
allocation of marketsThe practice of dividing sales areas among competitors.
retail price maintenanceA deal between a manufacturer and a retailer to sell a product at a particular price.
bid riggingA pre-arranged agreement that one competitor will have eht lowest bid.
restitutionrecovery of a payment.
divisibleA contract for which separate consideration is given for the legal and illegal parts of the contract.
indivisibleA contract for which separate consideration for the legal and illegal parts of the contract cannot be determined.
unconscionabilityGross unfairness in a contract that parties under ordinary circumstances would not accept.
procedural unconscionabilityUnfairness shown by how the contract is created.
substantive unconscionabilityUnfairness established by the terms of the agreement.


Crystal Blide

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