BusinessLaw12.txt

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Anonymous
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947
Filename:
BusinessLaw12.txt
Updated:
2009-11-13 16:36:11
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chapter 12
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chapter 12
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  1. minor
    a person who has not reached the age of majority
  2. infancy doctrine
    a doctrine that allows minors to disaffirm most contracts they have entered into with adults
  3. disaffirmance
    the act of a minor to rescind a contract under the infancy doctrine. Disaffirmance may be done orally, in writing, or by the minor's conduct
  4. Minor's duty of restoration
    a rule which states that minor is obligated only to return the goods or property he or she has received from the adult in the condition it is in at the time of disaffirmance
  5. competent party's duty of restitution
    a rule which states that if a minor has transferred money, property, or other valuables to the competent party before disaffirming the contract, that party must place the minor in status quo
  6. ratification
    the act of a minor after the minor has reached the age of majority by which he or she accepts a contract entered into when he or she was minor
  7. emancipation
    the act or process of a minor voluntarily leaving home and living apart from his or her parents
  8. necessaries of life
    food, clothing, shelter, medical care, and other items considered necessary to the maintenance of life. Minors must pay the reasonable value of necessaries of life for which they contract.
  9. legal insanity
    a state of contractual incapacity, as determined by law
  10. adjudged insane
    declared legally insane by a proper court or administrative agency. A contract entered into by a person adjudged insane is void
  11. insane but not adjuged insane
    being insane but not having been adjudged insane by a court or an administrative agency. A contract entered into by such person is generally avoidable. Some states hold that such a contract is void
  12. intoxicated person
    a person who is under contractual incapacity because of ingestion of alcohol or drugs to the point of incompetence
  13. usury law
    a law that sets an upper limit on the interest rare that can be charged on certain types of loans
  14. gambling statutes
    statutes that make certain forms of gambling illegal
  15. effect of illegality
    a doctrine which states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them
  16. in pari delicto
    a situation in which both parties are equally at fault in an illegal contract
  17. contract contrary to public policy
    a contract that has a negative impact on society or that interferes with the public's safety and welfare
  18. immoral contract
    a contract whose objective is the commission of an act that is society considers immoral
  19. contract in restraint of trade
    a contract that unreasonably restrains trade
  20. licensing statute
    a statute that requires a person or business to obtain a license from the government prior to engaging in a specified occupation or activity
  21. regulatory statute
    a licensing statute enacted to protect the public
  22. revenue raising statute
    a licensing statute with the primary purpose of raising revenue for the government
  23. exculpatory clause
    a contractual provision that relieves one or both of the parties to a contract from tort liability for ordinary negligence. Also known as a release of liability clause
  24. covenant not to compete
    a contract which provides that a seller of a business or an employee will not engage in a similar business or occupation within a specified geographical area for a specified time following the sale of the business or termination of employment. Also called a noncompete clause
  25. unconscionable contract
    a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust

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