73. A statute which presc ribes standards for those who seek to practice a profession would be what type measure? a revenue b. regulatory e state d judicial 74 A telephoned acceptance is: a never effective. b effective when and where acceptance is spoken into the phone. e effective when the correct number is dialed d effective when the offeror answers. . A valid contract may be unenforceable for which reason(s)? a Failure to satisfy the statute of frauds b. Running of the statute of limitations c. Both a and b d. A valid contract is always enforceable 76. A week before the concert, Joan told you she probably would not be able to use her concert tickets. Later that day, Joan wrote you a note offering to sell you the tickets for $50 and gave it to Betsy to deliver. Betsy stuck it in her purse and forgot about t. You called Joan the day of the concert, but she already sold the tickets. Is Joan liable to you for their value? a. No, because there was no offer since it was never communicated. b. No, because the offer was not accepted in a reasonable time. c Yes, because the offer was effective when given to Betsy. d. Yes, because Joan was required to wait for your answer before selling. m A written promise by a shipbuilder to an n promise by a shipbuilder to an iron ore producer "to purchase all the iron ore I may need during the next year" is a unenforceable because the promise is illusory. b unenforceable because there is inadequate consideration. c unenforceable because the promise is too indefinite. d unenforceable because there is no consideration. e enforceable if the producer had agreed to sell. 78. /an is a law establishing a maximum rate of permissible interest for which a lender and borrower of money may contract. a wager b. usury statute e. Sunday statute d none of the above