Business Law Chapter 11

Agreements to commit felonies are NOT illegal.

• True

• False

In most states, lenders of money may not charge more than a specified maximum rate of interest.

• True

• False

When all states have the same set rate of interest this is considered usurious and illegal.

• True

• False

Small loan rates of interest typically exceed the usurious rates, yet they are legal.

• True

• False

Compounding a crime means committing two or more distinct crimes against the victim, such as robbery, battery, and kidnapping.

• True

• False

Unlicensed persons can make valid contracts even when business licenses are required as a means of raising public revenue.

• True

• False

It is legal for manufacturers to identify a "suggested retail price."

• True

• False

Trade secrets are the most commonly recognized employer interests.

• True

• False

Our economic system is based on the concept of free and open competition; therefore, it is perfectly legal for competing firms to agree to fix prices.

• True

• False

In contracts for the sale of services or realty, courts generally will help neither party to the illegal agreement.

• True

• False