Question

QUESTION 80

1. Which of the following would not violate usury laws?

   		Charging a lower price for a cash sale than a credit sale
   		Charging a commission when lending money as an agent for the lender
   		Charging a commission when lending your own money
   		a and b

0.25 points   

QUESTION 81

1. Which of the following statements is true about "time is of the essence" clauses in contracts?

   		These clauses are unenforceable because they violate public policy.
   		These clauses are examples of express conditions precedent.
   		These clauses are examples of constructive conditions subsequent.
   		These clauses are substitutes for tender of performance.

0.25 points   

QUESTION 82

1. Which of the following statements about trade secrets is true?

   		Trade secrets are protected under state law.
   		Former employees who exploit confidential knowledge gained during their employment can be sued for misappropriation of trade secrets.
   		It is up to each business to define and identify what information it considers a trade secret.
   		Both A and B are true.

0.25 points   

QUESTION 83

1. Which of the following statements about the Statute of Limitations is true?

   		The statute does not apply to executed contracts.
   		The statute does not apply to contracts that could be performed within one year of their making.
   		The statute does not apply to contracts for the sale of land costing less than $50,000.
   		Both a and b are true

0.25 points   

QUESTION 84

1. Which of the following statements about proprietorships is true?

   		Proprietorships are taxable entities apart from the owners.
   		A business can have up to thirty-five owners and still be a proprietorship.
   		A proprietorship cannot generate more than 10 million in proceeds per tax year.
   		The owner of a proprietorship is personally liable for all the debts of the proprietorship.

0.25 points   

QUESTION 85

1. Which of the following statements about LLC's is false?

   		LLC's are a relatively new form of business organization.
   		There is an extensive body of law based on court decisions governing LLC's.
   		Shareholders have no personal liability for the debts of the LLC.
   		The LLC is not a taxable entity.

0.25 points   

QUESTION 86

1. Which of the following remedies are available to both buyers and sellers?

   		Cover
   		Cure
   		Specific performance
   		Adequate assurances

0.25 points   

QUESTION 87

1. Which of the following is not an exception to the Statute of Frauds?

   		Specially manufactured goods that cannot be sold to others.
   		Admissions in court that an oral contract existed.
   		A written but unsigned confirmation between merchants
   		Guarantor agreements in which the guarantor has secondary liability.

0.25 points   

QUESTION 88

1. Which of the following is a remedy used in common law when a party assigns his rights under a contract despite an anti-assignment clause in that contract?

   		The assignment is invalid
   		The assignment is valid, but the non-assigning party can avoid the underlying contract if he wishes
   		The assignment is valid and the non-assigning party can sue for damages, although he cannot avoid the underlying contract
   		All of the above are possible remedies in common law depending on the state

0.25 points   

QUESTION 89

1. Which of the following is NOT one of the recognized disadvantages of doing business as a corporation?

   		A corporation must comply with a great number of state and federal regulations.
   		Corporate profits are subject to double taxation.
   		A corporation must qualify to do business in each state in which it engages in business activities.
   		A corporation can be in existence for a maximum of 99 years.

Answer 1

Usury law states that there should not be charging of higher rate of interest and unnecessary charges in order to to protect the interest of the various consumers and borrowers.

Charging commission when landing as an agent for the lender is not landing own money, and not acting as a loan Shark so it is not covered by the usury laws.

usury laws covers charging of a lower price for a cash sale than a Credit sale and it also covers charging commission when lending the own money.

Correct answer is option ( B) charging a commission when lending money as an agent for the lender