law for business Ch 10

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