Term
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Definition
| Involves agreement with the following three parts: payment to participate, chance to win based on luck rather than skill, and a prize for one or more winners. |
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Term
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Definition
| One of the most common forms of gambling, a bet based on uncertain outcome of an event, such as a football game. |
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Term
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Definition
| Lenders of money may not charge more than a specified rate. |
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Term
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Definition
| Lending money at a rate higer than the state's maximum allowable rate. |
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Term
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Definition
| Rate specified by statute when interest is called for but no percentage is stated in the contract. |
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Term
| small loan rate of interest |
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Definition
| Higher interest rates that pawnbrokers and loan companies may charge on loans up to $2,000. |
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Term
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Definition
| Accepting something of value for a promise not to inform on or prosecute a suspected criminal. |
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Term
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Definition
| State requirements for people in certain occupations and businesses to pass exams in order to practice in their given profession. |
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Term
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Definition
| Imposed by governments on certain occupations for the sole purpose of raising money. |
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Term
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Definition
| When competing firms agree on the same price to be charged for a product or service, this injures consumers. |
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Term
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Definition
| When competitors who bid on jobs agree that one bidder will have the lowest bid for a particular job; bidders typically take turns. |
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Term
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Definition
| Manufacturer attempts to influence the retail price of its product or service. |
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Term
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Definition
| When competitors split market areas between themselves. |
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Term
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Definition
| Recovery of your payment. |
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Term
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Definition
| Contracts for which separate consideration is given for the legal and illegal parts. |
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Term
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Definition
| Contracts for which legal and illegal parts cannot be broken out as separate items. |
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Term
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Definition
| Occurs when there is a grossly unfair contract that parties under ordinary circumstances would not accept. |
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Term
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Definition
| A term or contract, under the UCC, is grossly unfair and oppressive. |
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Term
| procedural unconscionability |
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Definition
| Shown by how the contract is created. |
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Term
| substantive unconscionability |
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Definition
| Established by terms of the agreement. |
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