Law for Business & Personal Use Ch. 11
gambling - correct anwersA bet on the uncertain outcome of an event
allocation of markets - correct anwersCompetitors' agreement to split market areas between
themselves
unconscionable contract - correct anwersGrossly unfair contract for the sale of goods
revenue license - correct anwersMechanism used by governments only to raise money
compounding a crime - correct anwersAccepting something of value for a promise not to inform
on or prosecute a suspected criminal
legal rate of interest - correct anwersRate specified by statute when interest is called for but no
percentage is stated in the contract
usury - correct anwersCharging interest on a loan beyond the legally permitted maximum rate
procedural unconscionability - correct anwersGross unfairness in how a contract is created
price fixing - correct anwersCompetitors agree to charge the same amount for a product or
service, thus injuring customers
resale price maintenance - correct anwersManufacturer attempts to influence the retail price of
its product or service
bid rigging - correct anwersCompetitors who bid on a jobs agree that one bidder will have the
lowest bid for a particular job
gambling - correct anwersInvolves agreement with the following three parts: payment to
participate, change to win based on luck rather than skill, and a prize for one ore more winners
small loan rate of interest - correct anwersHigher interest rates that loan companies and
pawnbrokers may charge on loans up to $2,000
substantive unconscionability - correct anwersElement of unconscionability shown in the terms
of the contract
gambling - correct anwersA bet on the uncertain outcome of an event
allocation of markets - correct anwersCompetitors' agreement to split market areas between
themselves
unconscionable contract - correct anwersGrossly unfair contract for the sale of goods
revenue license - correct anwersMechanism used by governments only to raise money
compounding a crime - correct anwersAccepting something of value for a promise not to inform
on or prosecute a suspected criminal
legal rate of interest - correct anwersRate specified by statute when interest is called for but no
percentage is stated in the contract
usury - correct anwersCharging interest on a loan beyond the legally permitted maximum rate
procedural unconscionability - correct anwersGross unfairness in how a contract is created
price fixing - correct anwersCompetitors agree to charge the same amount for a product or
service, thus injuring customers
resale price maintenance - correct anwersManufacturer attempts to influence the retail price of
its product or service
bid rigging - correct anwersCompetitors who bid on a jobs agree that one bidder will have the
lowest bid for a particular job
gambling - correct anwersInvolves agreement with the following three parts: payment to
participate, change to win based on luck rather than skill, and a prize for one ore more winners
small loan rate of interest - correct anwersHigher interest rates that loan companies and
pawnbrokers may charge on loans up to $2,000
substantive unconscionability - correct anwersElement of unconscionability shown in the terms
of the contract
