Usury statutes apply to all loan transactions

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Reference no: EM132250250

Please answer these 5 True/False questions. No explanations for answers required.

1. A contract or a clause in a contract is illegal only if there is a specific statute that prohibits the action promised by the contract. T/F

2. Usury statutes apply to all loan transactions. T/F

3. A party's written agreement to pay another's debt is enforceable as a surety. T/F

4. To satisfy the Statute of Frauds, a contract must be written in a particular form. T/F

5. Mary wants to buy John's bike for $100 down and $50/month for 3 months. John is not sure that Mary can be trusted, so their mutual friend Amy agrees to pay John if Mary does not. Amy's promise is enforceable only if it is put in writing. T/F

Reference no: EM132250250

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