- 1 Which of the following is most true regarding noncompetition clauses in contracts?
- 2 Which of the following is true with regard to an exculpatory clause?
- 3 Which of the following is true regarding contracts of adhesion?
- 4 Which of the following is a possible example of substantive unconscionability?
- 5 Which form of damages is intended to give the victim of the breach of contract the benefit of the bargain?
- 6 What is exculpatory in real estate?
- 7 What is the purpose of exculpatory clause?
- 8 What is meant by escalation clause?
- 9 How does a release clause work?
- 10 What is the meaning of pari delicto?
- 11 What is the doctrine of unconscionability?
- 12 What is the purpose of an option contract?
- 13 What are the two types of unconscionability?
- 14 Do you need both substantive and procedural unconscionability?
- 15 What are the elements of unconscionability?
Which of the following is most true regarding noncompetition clauses in contracts?
Which of the following is most true regarding non-competition clauses in contracts? Such clauses are not used during employment contracts. If they have a legitimate business purpose, such clauses will be enforced. Such clauses help in promoting free trade.
Which of the following is true with regard to an exculpatory clause?
Which of the following is true with regard to an exculpatory clause? An exculpatory clause excuses one party from liability for her own tortious conduct. An exculpatory clause may be unenforceable for unconscionability.
Which of the following is true regarding contracts of adhesion?
Which of the following is true of contracts of adhesion? The contracts of adhesion are considered to be voidable until they are ratified by both the parties involved in the contract. The person presented with such a contract has no opportunity to negotiate the terms of the contract.
Which of the following is a possible example of substantive unconscionability?
One example of substantive unconscionability is a grossly excessive price for a product. Generally speaking, courts do not enforce illegal agreements or compensate parties who have performed under such agreements. Instead, the court leaves the parties where it finds them.
Which form of damages is intended to give the victim of the breach of contract the benefit of the bargain?
Compensatory damage is the money awarded to the plaintiff to compensate for damages. Benefit of the bargain is a rule according to which if a party breaches a contract, it is liable to pay the other party for the damages caused in the form of compensation.
What is exculpatory in real estate?
An exculpatory clause is a statement that releases liability of a person or company for damages. Exculpatory clauses are common in leases and mortgage contracts, which protect the property owner and buyer from liability if there is an accident at the home or if they buyer enters foreclosure on a property.
What is the purpose of exculpatory clause?
An exculpatory clause is part of a contract that prevents one party from holding the other party liable for damages related to the contract. Exculpatory clauses are used quite often in purchases such as the ones included with an amusement park or plane ticket.
What is meant by escalation clause?
An escalator clause is also known as an escalation clause, where the provision allows for an automatic increase in the wages or prices. The increase in the wages and prices are included in contracts such that they must be activated when certain conditions occur, such as when the cost of living or inflation increases.
How does a release clause work?
A release clause is the minimum amount of money you’re willing to accept for that player. However, they are usually very high amounts, typically to put other clubs off. It’s also a way of allowing a player to move on should a big club come in for him.
What is the meaning of pari delicto?
A Latin phrase commonly used in tort and contract law which means “ in equal fault.” This is doctrine states that there is a bar to a plaintiff’s recovery of damages for a wrong the plaintiff participated in and serves as an equitable defense.
What is the doctrine of unconscionability?
Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience.
What is the purpose of an option contract?
An options contract is an agreement between two parties to facilitate a potential transaction involving an asset at a preset price and date. Call options can be purchased as a leveraged bet on the appreciation of an asset, while put options are purchased to profit from price declines.
What are the two types of unconscionability?
Two general types of potentially unconscionable provisions are exculpatory clauses and disclaimers / limitations of warranty liability. Exculpatory clauses are clauses which release a party from liability for injuries that he causes.
Do you need both substantive and procedural unconscionability?
However, this procedural unconscionability ultimately didn’t matter, because the court ruled the contract was not substantively unconscionable.
What are the elements of unconscionability?
An unconscionable contract is a contract that is so severely one-sided and unfair to one of the parties that it is deemed unenforceable under the law. What are the Elements of an Unconscionable Contract?
- Undue influence;
- Unequal bargaining power;
- Unfair surprise; or.
- Limiting warranty.