Chapter 7- Commerical Law
A concept that evaluates a party's blameworthiness in a contract transaction.
pari delicto
Agreement relating to marriage.
prenuptial agreement
True/False:A method of removing an illegality is to divide a contract into two sections.
True
True/False:Clauses that limit liability are exculpatory clauses.
True
The doctrine of pari delicto means which of the following?
Equally at fault
True/False:Contracts that violate public policy are void.
True
Clauses that limit a party's liability are
Exculpatory
True/False:AU contracts made on Sundays are illegal.
False
True/False:Persons who are in pari delicto are not equally at fault.
False
True/False:Wagering statutes are illegal in all states.
True
A covenant to compete can be used as which of the following?
Incident to a sale of business;Incident to employment
A usury contract relates to which of the following?
Interest rates
For a contract to be legal, it must have which of the following?
Legal Purpose; Legal subject matter
A contract that restricts competition.
Restrictive covenant
Blue laws prohibit the consummation of a contract on which day?
Sunday
The Blue laws that were passed by various legislatures.
Sunday laws
A contract that sometimes violates public policy.
Surrogacy
True/False: A contract must have a legal purpose and legal subject matter
True
True/False: Statutes that regulate the amount of interest rates charged are usury laws
True
True/False:A covenant not to compete only restricts the time period of compensation.
True
A statute can regulate which of the following
Wagering; Professional licensing
Statutes dealing with gaming, betting, or gambling
Waging Laws
A doctrine that avoids illegality and injustice is
divisibility
Doctrine that sections contracts and removes illegal portions.
divisibility
Clauses that limit a party's liability
exculpatory
A necessary element in a contract.
legality
Statutes that regulate interest rates.
usary
Contracts can be illegal if they
violate public policy; violate a statue