Business Law Chapter 10 Vocabulary

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Bid Rigging
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Competitors’ agreement that one bidder will have the lowest bid for a particular job
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Competency License
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State requirement for people in certain occupations and businesses to pass exams and receive a license
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Compounding a Crime
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Accepting something of value for a promise not to inform on or prosecute a suspected criminal
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Lottery
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Game involving the three elements of prize, chance, and consideration
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Parol Evidence
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Spoken words inadmissible in court
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Price Fixing
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Competitors agree to charge the same amount for a product or service
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Quasi-Contract
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Obligation that is enforced as if it were a contract in order to prevent unjust enrichment of one party
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Revenue License
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Required license imposed by governments on certain occupations for the sole purpose of raising money
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Statute of Frauds
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Law stating that certain agreements are not enforceable in court unless they are evidenced by a signed writing
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Unconcionable
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Term or contract that, under the UCC, is grossly unfair and oppressive
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Wager
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bet on the uncertain outcome of an event

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