Contract Questions

A b c d a state statute establishes a maximum interest

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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. a. b. c. d. A statute establishing a maximum rate of permissible interest is a Sunday statute. gambling statute. usury law. revenue statute. 72. a. b. c. d. 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. b. c. d. revenue regulatory state judicial 74. a. b. c. d. A telephoned ac...
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