The State of Transas Has Set a Maximum Interest Rate

question 15

Multiple Choice

The state of Transas has set a maximum interest rate of 12 percent on loans.Matt borrows $10, 000 from Tony to pay off a gambling debt.Both are residents of Transas.They sign a contract, which states that Matt would have to pay $1, 500 as interest in one year to pay off the loan.Later Matt finds out the state usury limit and sues Tony.What is the nature of the contract between Matt and Tony?

• A)It is illegal as it violates gambling statutes.
• B)It is legal as both parties were competent when the contract was signed.
• C)The contract is void as it violates usury laws.
• D)The contract is void as it is a contract to commit a crime.

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Understand the gross method of accounting for purchases and sales.

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Interpret shadow prices and their impact on profit in production constraint scenarios.

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Definitions:

Cerebral Cortex

The outer layer of the cerebrum, composed of folded grey matter and playing an important role in consciousness.

Pons

A part of the brainstem that links the medulla oblongata and the thalamus, playing a crucial role in controlling breathing, communication between different parts of the brain, and sensations such as hearing.

Cerebral Cortex

The outer layer of the cerebrum, playing a key role in memory, attention, perception, cognition, awareness, and language.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep-wake cycles and seasonal biological rhythms.