Examlex
Fill in the blanks related to the characteristics of a promissory note.
1.The party promising to pay the note is called the ________.
2.The amount for which the note is written is called the _______ amount.
3.The date the note is to be paid is the _______ date.
4.The time between the date when a note is written and the time it must be paid is called the _____ of the note.
Substantive Unconscionability
A principle in contract law that allows courts to refuse to enforce a contract or clause deemed to be so unfair or unjust towards a party that it is oppressive.
Mirror Image Rule
A principle in contract law stating that an offer must be accepted exactly without modifications; any changes negate the original offer and create a counteroffer.
Modified
Changed or altered from its original form or condition.
Without Reserve
In an auction context, it refers to the selling of items without any minimum bid requirement, allowing the sale to the highest bidder regardless of the bid amount.
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