Shared Flashcard Set

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Business Law Ch 16
Twomey
9
Business
Undergraduate 2
12/01/2010

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Cards

Term
T/F

If an illegal agreement has already been performed, neither party can seek damages or to set the agreement aside
Definition
True
Term
In Pari Delicto
Definition
Equally Guilty
Term
T/F

When parties are not equally guilty, the least guilty party is granted relief
Definition
True
Term
T/F

Legal parts of an agreement CANNOT be separated from the illegal ones
Definition
False, they can
Term
Good Faith
Definition
A party may not do anything to destroy or injure the right of another party to receive the fruits of the contract
Term
T/F

Courts will consider whether a contract is fair, wise, and equal
Definition
False, they will not
Term
Unconscionability
Definition
When a contract has too much advantage over a buyer
Term
Two elements of unconscionability
Definition
Procedural and Substantive
Term
Contract of Adhesion
Definition
Standardized form contracts imposed on a take-it-or leave it basis by a party with superior bargaining strength
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