Test 2 Review: Chapter 10 Vocabulary & True/False

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False

A Sunday contract is declared legal by statute.

False

A contract is indivisible if it can be performed in ways other than as an entity.

False

A dentist who performs services without a license is entitled to sue to collect for the services.

False

A person who sells alcoholic beverages to a minor when such a sale is prohibited can recover on the contract.

True

All contracts must be for a lawful purpose otherwise they would be considered void.

gambling contract

agreement in which parties win or lose by chance

usury

changing higher rate of interest than the law allows

maximum contract rate

highest legal rate of interest

legal rate

interest rate applied when no rate is specified


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