Legal Terms in Contract Law: Capacity, Unenforceable, Usury, Gambling, Sabbath Laws, Coven, Quizzes of Business and Labour Law

Download Legal Terms in Contract Law: Capacity, Unenforceable, Usury, Gambling, Sabbath Laws, Coven and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 capacity DEFINITION 1 The legal ability to enter into a binding contract. TERM 2 unenforceable DEFINITION 2 A term applied to a contract that, because of a law, cannot be enforced by the courts. TERM 3 usury DEFINITION 3 The lending of money at an exorbitant or unlawful rate of interest. TERM 4 gambling DEFINITION 4 An agreement in which a party pays consideration (money placed during bets) for the chance, or opportunity, to obtain an amount of money or property. TERM 5 Sabbath laws DEFINITION 5 Laws prohibiting the performance of certain activities on Sundays. TERM 6 covenant not to compete DEFINITION 6 An agreement not to compete against a party for a set perio of time within a designated geographic area. TERM 7 unconscionable DEFINITION 7 A term applied to a contract in which one party has so much more bargaining power than the other party that the powerful party dictates the terms of the agreement and eliminates the other party's free will. TERM 8 procedural unconscionability DEFINITION 8 Unconscionability that derives from the process of making a contract. TERM 9 adhesion contract DEFINITION 9 A contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it basis. Such contracts are legal but are sometimes rescinded on the grounds of unconscionability and the absence of one party's free will to enter a contract. TERM 10 substantive unconscionability DEFINITION 10 Unconscionability that derives from one-sided, unjust, or overly harsh substance in a contract.