Types of contracts that might violate a statute and distinguish two types of licensing statutes.

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Answer 1

Question

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

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Answer 2

Question

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

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Answer 3

Question

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

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Answer 4

Question

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

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Answer 5

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

Answer 6

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.

Answer 7

Chapter 13, Problem 1CO

Summary Introduction

To explain: Types of contracts that might violate a statute and distinguish two types of licensing statutes.

Answer 8

Expert Solution & Answer

Explanation of Solution

Licensing statute: A statute requiring a person or business to obtain a government license before they engage in a specified occupation or activity.

Regulatory license: It is a mechanism designed to protect the public against unqualified individuals, ordinarily a person cannot qualify for professional services unless he has the requisite regulatory license.
Revenue license: In comparison, a revenue license is given to raise money, deals are enforceable for unlicensed services.

Gambling statutes: Contracts found violating a gambling statute are void. Insurance policies do not come under gambling laws except where the person taking the policy has no insurable interest in insuring the property or the individual. Given the element of chance involved in deciding the future price, so-called futures contracts are not considered gambling.

Usury statutes: Laws establishing a maximum allowable interest rate for which a lender and money borrower may contract. A lender who violates a usury statute can forfeit both the principal and interest, only the interest, or the interest that exceeds the limit allowed. In some jurisdictions the amount forfeited is a multiple of the interest charged.

Sunday statutes: Common law does not prohibit concluding Sunday contracts. Some states have legislation, blue laws, which amend this common law rule and on Sunday prohibits certain types of commercial activity. Blue laws do not usually extend to “need” and “charity” activities.