Homework Help Question & Answers

1.John a 17 year old, purchases a Pool Table, 4 Cue Sticks, and a set of rack and pool balls. A w...

1.John a 17 year old, purchases a Pool Table, 4 Cue Sticks, and a set of rack and pool balls. A week later after he turns 18, he seeks to return only the pool table and states he will keep the other items. Can John avoid the Contract this way?

2. Bob loans Bill $5000 at 45% interest to be paid yearly A State  Usury Statute states that the highest interest rate that can be charged is limited to 3 % per month on the principle Bob claims that since the Statute does not address the yearly rate to be paid, he can charge his interest rate of 45% yearly Is he correct? Why? Why Not

0 0
Next > < Previous
ReportAnswer #1

Ans 1. Since John was only 17 years when he purchased Pool Table, 4 Cue Sticks, and a set of rack and pool balls. Now when he wants to return only pool table after attaining the age of 18 years, he had attained legal age for enforcing his contracts. In this example he can avoid the contract by returning only pool table and states he will keep the other items. Now he is in his full capacity without depending upon others.

Ans 2. In this example, Bob loans at 45% interest rate yearly which is more according to Usury Statute states that the highest interest rate that can be charged is limited to 3 % per month on the principle. As per the statute, the maximum yearly interest rates can be charged are 3% * 12= 36% yearly interest rate. So Bob's interest are higher than Usury statute, and he is liable for the breach of contract by the authorities.

Know the answer?
Add Answer of:
1.John a 17 year old, purchases a Pool Table, 4 Cue Sticks, and a set of rack and pool balls. A w...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...

    Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...

  • I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this p...

    I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this paper and some conclusions and contributes of this paper. I need this for my Finishing Project so i need this ASAP please ( IN 1-2-3 HOURS PLEASE !!!) Budgetary Policy and Economic Growth Errol D'Souza The share of capital expenditures in government expenditures has been slipping and the tax reforms have not yet improved the income...

Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
Share Your Knowledge

Post an Article
Post an Answer
Post a Question with Answer

Self-promotion: Authors have the chance of a link back to their own personal blogs or social media profile pages.