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Related Flashcards
Cards In This Set
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1. mutual assent
2. consideration 3. capacity 4. legality |
Four elements of k
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Crimes, wagering, public safety licenses, revenue licenses
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Violative of law
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Public safety licenses
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No license, no k
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Revenue licenses
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No license, still k
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Usury
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Illegal excessive interest on borrowed money
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All interest (illegal and legal) & principal forfeited
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Old rule of usury
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Punishment- 3x illegal interest & atty fees BUT if more than 2x legal rate= old rule
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New rule for usury
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Covenants not to compete rule
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Ok if reasonable business necessity and REASONABLE as to:
1. time 2. area 3. subject matter |
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Covenants not to compete- employment
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Not particularly favored by courts but reluctantly upheld by courts sometimes
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Covenants not to compete- sale of business
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More favorably looked upon by courts than employment k's because bargaining position & consideration
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Exculpatroy clause
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Wrongdoer attempts to be excused from liability cause by HIS OWN NEGLIGNECE OR INTENTIONAL ACTS
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Release clause
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Relieving person from or reducing liability for ANOTHER PERSON'S actions
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Your actions vs. someone else's actions
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Distinction between exculpatory and release clauses
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Exculpatory clauses vs. release clauses
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K's which attempt to insulate 1 party from his/her own neglignece or intentional acts are illgal- USUALLY not always
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Unconscionable contracts
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K is so grossly unfair it shocks the conscience of a reasonable person- may be set aside by courts
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