Insane but not adjudged insane being insane but not

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Insane but not Adjudged Insane being insane but not having been adjudged insane by a court or an administrative agency. A contract entered into by such person is generally voidable. Some states hold that such a contract is void. Intoxicated Persons a person who is under contractual incapacity because of ingestion of alcohol or drugs to the point of incompetence. Intoxicated persons are liable in quasi-contract to pay the reasonable value for necessaries they receive. Lawful Contract a contract that has a lawful object. Illegal Contract – pg 211- a contract that has an illegal object. Such contracts are void. Usury Law a law that sets an upper limit on the interest rate that can be charged on certain types of loans. Gambling Statutes statutes that make certain forms of gambling illegal. Effect of Illegality a doctrine that states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them. In Pari Delicto a situation in which both parties are equally at fault in an illegal contract. Contract Contrary to Public Policy a contract that has a negative impact on society or that interferes w/the public’s safety and welfare. Immoral Contract a contract whose objective is the commission of an act that society considers immoral. Contract in Restraint of Trade - a contract that unreasonably restrains trade. Licensing Statute a statute that requires a person or business to obtain a license from the government prior to engaging in a specified occupation or activity. Regulatory Statute a licensing statute enacted to protect the public. Revenue-Raising Statute – pg 215 – a licensing statute with the primary purpose of raising revenue for the government.
Exculpatory Clause (release of liability clause) A contractual provision the relieves one or both of the parties to a contract from tort liability for ordinary negligence – AKA a release of liability clause. Covenant not to Compete (non-compete clause) a contract that provides that a seller of a business or an employee will not engage in a similar business or occupation w/in a specified geographical area for a specified time following the sale of the business or termination of employment. Also called a non-compete clause. Contracts of Adhesion preprinted forms whose terms the consumer cannot negotiate and that they must sign in order to obtain a product or service. Unconscionable Contract a contract that courts refuse to enforce in part or at all because it is so oppressive or manifestly unfair as to be unjust.

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