Questions: Which of the following is true of usury laws? They limit the rate of interest that may be charged for the use of money. They prohibit certain businesses and professions from operating without a license. They charge violators a penalty that is universal across all states. They restrict the sale of prohibited articles within a state.

Which of the following is true of usury laws? They limit the rate of interest that may be charged for the use of money. They prohibit certain businesses and professions from operating without a license. They charge violators a penalty that is universal across all states. They restrict the sale of prohibited articles within a state.
Transcript text: Which of the following is true of usury laws? They limit the rate of interest that may be charged for the use of money. They prohibit certain businesses and professions from operating without a license. They charge violators a penalty that is universal across all states. They restrict the sale of prohibited articles within a state.
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Solution

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The answer to the first statement is True: Those defenses thought to be so important that they are preserved even against a holder in due course are called real.

Explanation:

  • Real defenses are those that can be used against any holder, including a holder in due course. These defenses include forgery, fraud in the execution, material alteration, and others that are considered so fundamental that they invalidate the obligation itself.

For QUESTION 56, the correct answer is: They limit the rate of interest that may be charged for the use of money.

Explanation for each option:

  • They limit the rate of interest that may be charged for the use of money: This is true. Usury laws are designed to protect borrowers from excessively high-interest rates by setting a maximum rate that lenders can charge.
  • They prohibit certain businesses and professions from operating without a license: This is incorrect. Licensing laws, not usury laws, regulate the operation of businesses and professions.
  • They charge violators a penalty that is universal across all states: This is incorrect. Usury laws vary by state, and penalties for violations are not universal.
  • They restrict the sale of prohibited articles within a state: This is incorrect. Usury laws pertain to interest rates, not the sale of goods or articles.
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