Law of contracts exam 2

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Law of contracts exam 2
2014-04-10 12:09:05
Law contracts exam

Law of contracts exam 2
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  1. Age of majority
    When a person is no longer a minor(18 in the us)
  2. Emancipation
    Minority status that is terminated by the minor when a parent relinquishes the legal right to exercise control over the child.
  3. Disaffirmance
    The legal avoidance,or setting aside, of a contractual obligation.
  4. Necessaries
    Whatever is reasonably needed to maintain the minor's standard of living.
  5. Ratification
    The act of accepting or giving legal force to an obligation that previously was not enforcable.
  6. Usury
    A lender who makes a loan at an interest rate above the lawful maximum.
  7. 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.
  8. Unconscionable
    When a contract is so unscrupulous or grossly unfair as to be "void of conscience" (aka void for reasons of public policy)
  9. Exculpatory clause
    release the party from liability in the event of monetary or physical injury no matter who is at fault.
  10. scienter
    • Aka guilty knowledge
    • signifies that there was an "intent to deceive"
  11. Innocent misrepresentation
    A false statement of fact or an act made in good faith that deceives and causes harm or injury to another.
  12. Negligent misrepresentation
    • 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.
  13. Adhesion contracts
    A "standard form" contract, such as that between a large retailer and a consumer, in which the stronger party dictates the terms.