Illegal contract can be formed when party violates statute

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Reference no: EM133941730

Questions

TRUE OR FALSE

1. An illegal contract can be formed when a party violates a statute or public policy.

2. Usury laws regulate the maximum amount of interest that individuals and business entities can charge in a loan or credit transaction.

3. A usurious contract exists when money is loaned at a higher interest rate than the state statute permits.

4. Many states that have wagering laws that prohibit their citizens from gambling, betting, or participating in games of chance.

5. Many state laws require certain businesses and professionals, such as lawyers and doctors, to be professionally licensed to be able to transact business in that state.

6. Courts have the discretion to void a contract if is unfair, offends public policy and the public's moral sensibilities, or is oppressive.

7. A surrogacy contract involves the hiring of a woman to bear a child for another woman or couple for a fee.

8. Enforcement of surrogacy contracts, frozen embryo contracts, and sperm donor contracts may be found unenforceable by a court if viewed as against public policy.

6. A prenuptial agreement is a contractual agreement between two individuals prior to marriage that sets forth the terms and conditions in the even the couple divorces.

10. A prenuptial agreement usually determines the amount of monetary compensation on spouse may receive or how real or personal property is divided.

11. Contracts for a person to "donate" an organ or tissue to a person in need is considered a legal contract.

12. A covenant not to compete restricts a party's ability to compete against a former employer within a specific geographic location and for a specific time.

13. If a covenant not to compete is unreasonable as to geographic location or for duration of time, the contract may not be enforceable.

14. An exculpatory clause in a contract provides for an excuse for a party from liability for a wrongful act.

15. Exculpatory clauses that are overbroad or unreasonable may not be enforceable if on party is denied any bargaining power in negotiating terms.

Reference no: EM133941730

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