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