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BL Chp 11 Legality of Contracts vocab

AB
Allocation of marketscompetitors' agreement to split market areas between themselves
bid riggingcompetitors who bid on jobs agree one bidder will have lowest bid
competency licensestate requirement for people and business to pass exams for license
compounding a crimeaccepting something of value for a promise not to inform or prosecute a suspected criminal
covenants not to competeprice fixing, market allocations, and terminated employees for purpose of protecting company's interest
divisible contractscontracts for which separate consideration is given for the legal and illegal parts
gamblinga chance to win on luck rather than skill with a prize for a winner(s)
legal rate of interesta contract interest rate when called for but not stated
maximum rate of interestlenders may not exceed this rate of interest by statute
price fixingcompetitors agree to charge the same amount for a product or service
procedural unconscionabilitya contract created with gross unfairness
resale price maintenancemanufacturer attempts to influence retail price of its product or service
restitutionrestoring or making good a loss
revenue licensemechanism used by governments only to raise money
small loan rate of interesthigher interest rates for loans under $2000 loan companies and pawnbrokers may charge
substantive unconscionabilityelement of unconscionability shown in the terms of a contract
unconscionable contractgrossly unfair contract for the sale of goods
usurycharging interest on a loan beyond the legally permitted maximum rate
wagera bet on a certain outcome of an event


Teacher
Eastland Career Center
Groveport, OH

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