law for business Ch 10
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gambling contract
A transaction wherein the parties stand to win or to lose based on pure chance.
default
breach of contractual obligation
usury
charging higher rate of interest than law allows
parole evidence rule
complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists
maximum contract rate
highest legal rate of interest
statute of fraud
law requiring certain contracts to be in writing
debt
obligation to pay money
parole evidence
oral testimony
