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- In Washington, if one party to
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Card 51 / 54: In Washington, if one party to a contract charges the other party to the contract more than the legal rate of interest, and the party charging more than the legal rate is not exempt from the statutory rate of interest rules, a court will find the contract
A)
void, because it is usurious.
B)
enforceable, but the party charging more than the legal rate of interest is liable for penalties.
C)
void, because it is fraudulent.
D)
completely enforceable, without any penalties.
Answer:
B) enforceable, but the party charging more than the legal rate of interest is liable for penalties.
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Attribution:
Maureen Shellooe Miller. Open Course Library: BUS&201 Business Law. The Open Course Library. Washington State Board for Community & Technical Colleges, Jul. 2014. http://www.oercommons.org/courses/business-law-bus-201
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