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Illegal Contracts - Legal Terms

AB
What occcurs when a grossly unfair contract is formed?Unconscionability
What kind of contract has no separation between legal and illegal parts?Indivisible
What kind of unconscionability results from the way a contract is created?Procedural
What kind of contract does have a separation between legal and illegal parts?Divisible
What law governs the sale of goods?Uniform Commercial Code (UCC)
What kind of unconscionability results from the unfair terms of a contract?Substantive
What is the state of not knowing that a contract is illegal?Excusable Ignorance
What law prohibits the sale of worthless stocks?Blue Sky
What is the recovering of a payment called?Restitution
What is the kind of betting where those who bet share the prize?Pari Mutuel
What is the lending of money at a higher rate than the maximum rate allowed by the state called?Usury
What is the license used to raise money?Revenue
What is a bet on the uncertain outcome of an event called?Wager
What is the act of refraining from informing the police of an alleged crime known as?Compounding
What is the practice of agreeing on the same price by competing firms?Price Fixing

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