Business Law 13th Edition Chapter 14 – Flashcards

the age at which a person, formerly a minor or an infant, is recognized by the law to be recognized by law to be an adult, capable of managing his or her own affairs and responsible for any obligations created by his or her actions

The legal capability to form a binding contract. A number of classes of people lack contractual capacity, and these include minors, the mentally challenged, those under the influence of an intoxicating substance and incarcerated convicts

a common provision in a contract for sale of a business in which seller agrees not to compete in the same business for a period of years or in the geographic read. This covenant is usually allocated (given) a value in the sales price

The act by which a person who has entered into a voidable contract; as, for example, an infant, does disagree to such contract, and declares he will not abide by it.

The act or process by which a person is liberated from the authority and control of another person.

a contract provision that relives one party of liability if damages are caused during the execution of the contract. The party that issues the exculpatory clause is typically the one seeking to be relieved of the potential liability

Things indispensable, or things proper and useful, for the sustenance of human life.

the confirmation or adoption of an act that has already been perfomed

a remedy utilized by the courts to correct a written instrument so that it conforms to the original intent of the parties to such an instrument

Unusually harsh and shocking to the conscience; that which is so grossly unfair that a court will proscribe it.

the crime of charging higher interest on a loan than the law permits