Law Chapter 11 Vocab

bet on the uncertain outcome of an event

• usury
• restitution
• bid rigging
• wager

competitors' agreement to split market areas between themselves

• competency license
• gambling
• allocation of markets
• revenue license

lending money at a rate higher than the state's maximum allowable rate

• covenants not to compete
• usury
• compounding a crime
• maximum rate of interest

competitors' agreement to that one bidder will have the lowest bid for a particular job

• bid rigging
• allocation of markets
• covenants not to compete
• small loan rate of interest

grossly unfair contract for the sale of goods

• wager
• substantive unconscionability
• unconscionable contract
• procedural unconscionability

state requirement for people in certain occupations and businesses to pass exams and receive a license

• resale price maintenance
• maximum rate of interest
• usury
• competency license

element of unconscionability established by the terms of the agreement

• procedural unconscionability
• substantive unconscionability
• divisible contracts
• unconscionable contract

accepting something of value for a promise not to inform on or prosecute a suspected criminal

• compounding a crime
• divisible contracts
• wager
• price fixing

higher interest rates that loan companies and pawn brokers may charge on loans up to $2000

• small loan rate of interest
• competency license
• maximum rate of interest
• restitution

agreements involving price fixing, market allocations, and terminated employees for the purpose of protecting a company's interests

• allocation of markets
• covenants not to compete
• small loan rate of interest
• gambling