1. Regulatory statutes are designed primarily to: protect the public. raise mone
ID: 1207086 • Letter: 1
Question
1.Regulatory statutes are designed primarily to:
protect the public.
raise money.
provide the legal system with flexibility.
define personal interests and public duties.
2.Exculpatory clauses are generally enforceable if written to avoid charges of:
misrepresentation.
duress.
fraud and willful misconduct.
undue influence.
3. The legal concept of unconscionability:
does not exist at common law, only under the UCC.
establishes that certain classes of contracts are voidable.
is only present in contracts between consumers and large companies.
usually involves unequal bargaining power coupled with one party's use of this power to obtain an unfair advantage.
4. (Please Note: There may be more than one correct answer)
When will a contract be enforceable in spite of conduct which violates a statute?
A person performs an act for which he/she is not licensed and the licensing statute is of the revenue-raising type.
The contract contains an exculpatory clause releasing one party from liability for ordinary negligence.
The plaintiff was not a member of the class of persons designed to be protected by the statute.
The contract contains a restraint of trade clause between private parties.
5. (Please Note: There may be more than one correct answer)
An agreement not to compete may be legal if it:
is designed to protect interests created by the contract.
is solely designed to avoid competition.
is limited in scope and duration in connection with the sale of a business.
the parties to the agreement were fiduciaries.
.
a.protect the public.
b.raise money.
c.provide the legal system with flexibility.
d.define personal interests and public duties.
Explanation / Answer
(1) The correct answer is option (A). Regulatory statutes are designed primarily to protect the public.
(2) The correct answer is option (C). Exculpatory clauses are generally enforceable if written to avoid charges of fraud and willful misconduct.
(3) The correct answer is option (C). The legal concept of unconscionability is usually involves unequal bargaining power coupled with one party's use of this power to obtain an unfair advantage.
(4) The correct answer is option (C). A contract would be enforceable in spite of conduct which violates a statute when the plaintiff was not a member of the class of persons designed to be protected by the statute.
(5) An agreement not to compete may be legal if it is designed to protect interests created by the contract. The correct answer is option (A).
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