Term
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Definition
| a person who has not reached the age of majority (18). |
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Term
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Definition
| a doctrine that allows minors to cancel most contracts they have entered into with adults. |
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Term
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Definition
| the act of a minor to rescind a contract under the infancy doctrine. may be done orally, in writing or by the minor's conduct. |
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Term
| minor's duty of restoration |
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Definition
| a rule which states that a 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 |
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Term
| competent party's duty of restitution |
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Definition
| 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. |
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Term
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Definition
| 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 a minor. |
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Term
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Definition
| the act or process of a minor voluntarily leaving home and living apart from his or her parents. |
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Term
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Definition
| food, clothing, shelter, medical care, and other items considered necessary to the maintenance of life. minors must pay the reasonable value of for which they contract. |
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Term
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Definition
| a state of contractual incapacity as determined by law. |
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Term
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Definition
| declared legally insane by a proper court or administrative agency. a contract entered into by a person adjudged insane is void. |
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Term
| insane but not adjudged insane |
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Definition
| being insane but not having been adjudged insane by a court or an administrative agency. A contract entered into by such person is generally voidable. Some states hold that such a contract is void. |
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Term
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Definition
| a person who is under contractual incapacity because of ingestion of alcohol or drugs to the point of incompetence. |
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Term
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Definition
| a contract that has an illegal object. such contracts are void. |
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Term
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Definition
| a law that sets an upper limit on the interest rate that can be charged on certain types of loans. |
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Term
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Definition
| statutes that make certain forms of gambling illegal |
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Term
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Definition
| 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. |
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Term
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Definition
| a situation in which both parties are equally at fault in an illegal contract |
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Term
| contract contrary to public policy |
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Definition
| a contract that has a negative impact on society or that interferes with the public's safety and welfare. |
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Term
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Definition
| a contract whose objective is the commission of an act that society considers immoral |
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Term
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Definition
| a statute that requires a person or business to obtain a license from the government prior to engaging in a specified occupation or activity. |
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Term
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Definition
| a licensing statute enacted to protect the public. |
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Term
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Definition
| a licensing statute with the primary purpose of raising revenue for the government |
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Term
| exculpatory clause (release of liability clause) |
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Definition
| a contractual provision that relieves one (or both) of the parties to a contract from tort liability for ordinary negligence. |
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Term
| covenant not to complete (noncomplete clause) |
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Definition
| 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. |
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Term
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Definition
| 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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Term
(1) the parties possessed severely unequal bargaining power.
(2) the dominant party unreasonably used its unequal bargaining power to obtain oppressive or manifestly unfair contract terms.
(3) the adhering party had no reasonable alternative. |
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Definition
| elements required for an unconscionable contract |
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