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Ch. 10

Ch. 10. Illegal Agreements Statute of Frauds. Ch. 10 – Illegal Agreements. gambling is generally illegal lottery is legalized gambling river boats have legalized gambling wager is a bet on something uncertain usurious interest – loan sharks illegal discrimination

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Ch. 10

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  1. Ch. 10 Illegal Agreements Statute of Frauds

  2. Ch. 10 – Illegal Agreements • gambling is generally illegal • lottery is legalized gambling • river boats have legalized gambling • wager is a bet on something uncertain • usurious interest – loan sharks • illegal discrimination • obstructing legal procedures • bribing jurors, false testimony, price fixing

  3. Ch. 10 – Illegal Agreements • agreements not to compete • agreements that affect marriage negatively • citizenship

  4. Ch. 10 – Statute of Frauds • Contracts that must be in writing: • buy/sell goods for $500 or more • marriage • real property • more than one year to complete • to pay debt or legal obligation of another

  5. Ch. 10 - SOF • name of parties • subject matter description • price • quantity • signature • other essential terms

  6. Ch. 10 - SOF • ambiguous contracts • things that can be understood in two or more possible ways • courts will rule in favor of the weaker party (usually the consumer) if the contract isn’t well written and clear for the consumer to understand • Parol Evidence Rule – a contract is proven by the written contract only – nothing said before or after is considered

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