Chapter 7- Commerical Law

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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


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