Law of contracts exam 2
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Age of majority
When a person is no longer a minor(18 in the us)
Minority status that is terminated by the minor when a parent relinquishes the legal right to exercise control over the child.
The legal avoidance,or setting aside, of a contractual obligation.
Whatever is reasonably needed to maintain the minor's standard of living.
The act of accepting or giving legal force to an obligation that previously was not enforcable.
A lender who makes a loan at an interest rate above the lawful maximum.
Covenant not to compete
a contractual promise to refrain from competing with another party for a certain period of time within a certain geographic area.
When a contract is so unscrupulous or grossly unfair as to be "void of conscience" (aka void for reasons of public policy)
release the party from liability in the event of monetary or physical injury no matter who is at fault.
- Aka guilty knowledge
- signifies that there was an "intent to deceive"
A false statement of fact or an act made in good faith that deceives and causes harm or injury to another.
- Any manifestation through words or conduct that amounts to an untrue statement of fact made in circumstances in which a reasonable or prudent person would not have done or failed to do.
- 1. Lack of reasonable care in ascertaining the facts
- 2.the manner of expression or
- 3. The absence of the skill or competence required by a particular business or profession.
A "standard form" contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms.
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