. 31

1.Utah and Hawaii are the two states in the United States with no legal gambling.Gambling contracts entered into in these states would be:

Void

Valid

Voidable

Uneforceable

.

. 32

1.Bank of America is a national bank (meaning it has branches across the United States).True or False:The Supreme Court's ruling regarding usury laws and credit cards issued by national banks allows Bank of America to use the interest rate of their own state or that of the consumer, whichever is higher.

True

False

.

. 33

1.Michael owns a bar named Poor Richard's Pub, and he has decided to sell the bar to Dwight.Michael would like to include a noncompete agreement in the contract to sell Poor Richard's Pub to Dwight.In order for the noncompete agreement to be enforceable, it must be:

Ancillary to the agreement to sell Poor Richard's Pub

Reasonable in time

Reasonable in geographic area

Reasonable in scope of activity

All of these answer choices are correct

.

. 34

1.True or False:Rent payments to an apartment complex by a sixteen year old are considered necessaries.

True

False

.

. 35

1.Which of the following is generally considered an offer:

A price quote

A letter of intent

An invitation to bargain

None of the listed items are generally considered offers