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Unformatted text preview: atute establishes a maximum interest rate of 10% for loans or forbearance of money
when the debtor is not a corporation. Arrears and Buck, a large retailer, effectively charges
consumers an annual rate of 18% on the unpaid balances of their purchases.
Arrears and Buck is guilty of usury.
The time-price doctrine may apply.
Arrears and Buck’s rates violate public policy.
Arrears and Buck’s rates are unconscionable. 71.
d. A statute establishing a maximum rate of permissible interest is a
revenue statute. 72.
e. A statute or court decision that makes an offer illegal will
automatically terminate the offer.
have no effect on the offer.
act as a condition on the offer.
act as a rejection of the offer by the offeree.
none of the above. 73. A statute which prescribes standards for those who seek to practice a profession would be what
type measure? a.
d. A telephoned ac...
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- Fall '12
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