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Chapter_13_Notes_(Legality)

Chapter_13_Notes_(Legality) - LEGALITY(CHAPTER 13 There is...

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LEGALITY (CHAPTER 13) There is a Public Policy that pushes for the enforceability of contract I) Agreements that violate a Statute A) Specifically declared unenforceable by Statute 1) Usury Statutes (a) There are statutes that say how much interest can be charged for certain loans (b) If an agreement violates this, it is unenforceable (c) There are three actions a court will take (i) Not enforce the payment of even the principle (occurs when there is loan-sharking) (ii) Enforce the payment of just the principle (iii)Enforce the payment of both the principle and the legal interest 2) Gambling Statutes B) Violates a Public Policy behind a Statute 1) Licensing Laws (a) Are agreements with unlicensed parties enforceable? (i) Regulatory Licensing Law – NOT ENFORCEABLE (A)Purpose: a law that’s passed that has the primary intent to protect the public (B) Requirements: in order to get them you have to meet substantive requirements. For example, lawyers and doctors.
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