Examlex
If a book publishing company sells its books to retailers with the explicit condition that the retailers may not resell the books below a specified price, this is an example of_______ _ and_______ it illegal per se.
Breach of Contract
A violation of the terms or conditions as stated in a contract, which may result in legal action or penalties against the party at fault.
Fair Market Value
The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.
Valid Consideration
An essential element in the formation of a contract, referring to something of value (such as goods, services, or money) exchanged by the parties that induces them to enter into the agreement.
Illusory Consideration
An apparent promise or agreement that lacks a real commitment and therefore does not form a binding contract.
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