BSL_13- Legality

BSL_13- Legality - BSL_13...

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BSL_13 17:00 *Public policy favoring the enforcement of contracts Agreements that violate statutes If the agreement is specifically declared unenforceable by statute o Usury Statute (limits amount of interest that can be charged on a loan) If a contract for a loan includes an interest rate higher than that set by Usury  statute of the state the contract is unenforceable Many times the court will not rule against the entire contract, but only enforce  it in agreement with the usury set limit Violate public policy behind a statute o Are agreements with unlicensed parties enforceable? Regulatory licensing law Purpose is to protect the public Requirements- substantive Proof of competency Proof of capitalization Educational requirements Regulatory unlicensed parties in a contract are unenforceable Revenue-Raising Licensing Law Purpose is to raise money for government
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This note was uploaded on 03/22/2011 for the course BSL 212 taught by Professor Smith during the Spring '11 term at UConn.

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BSL_13- Legality - BSL_13...

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