If you look up Section 347 of the Criminal Code, it's the provision about Loan Sharking. People who are desperate to borrow money may sometimes ending up going to criminals or other bad people to take out a loan, and end up getting charged a ridiculously high interest rate. To try to combat loansharking, it is crime to charge an interest rate of more than: C a. 45% O b. 50% O c. 35% 0 d. 60% A good legal offer is best demonstrated by: Select one: 0 2:. "I'll pay you something in exchange for a chocolate bar." 0 b. I'll pay you at least $2 for a chocolate bar, and even more if it tastes good. 0 6. "I'll pay you $2 for a chocolate bar, the exact one to be determined later." 0 d. "I'll give you $2 for that chocolate bar you are holding." On April 15th you receive an offer in the mail by a supplier to sell you a specific piece of equipment for $15,000. You send a letter back to the supplier communicating your unconditional acceptance on April 30th. The supplier receives the letter on May 7th. Based on the above, when did you have a contract in place? Select one: 0 a. You never had a contract. 0 b. April 30th. 0 c. May7th. 0 d. April 5th. Which of the following is NOT one of the five elements required for a valid contract? Select one: O a. Intention. O b. Liquidity. O c. Capacity. O d. Legality.While shopping online, you nd a bar-b-que you like advertised for $800. The display of the price is an example of: Select one: 0 a. Aguaranteed offer. 0 b. An invitation to treat. O c. An option. 0 d. An agreement to sell. Which ofthe following WOULD fail for lack of consideration? Select one: Q a. Sam agrees to buy Umika's new car for $10. 0 b. An off duty police officer agrees to provide security at your hall party for $1 ,000. O c' A person promises to give you their lawnmower. Q d. Your boss promises to give you a bonus of $5,000 if you sell 10 vehicles next month. The object of a contract must be legal and not contrary to the public interest. Assuming that all other elements of a contract are present, which of the following would most likely be held to be a binding contract? Select one: 0 a. An agreement promising to pay a person who is scheduled to be a witness at trial $5000 if that witness leaves the country and hides until after the trial is concluded. O b. An agreement to pay $500 to Mildred if Mildred spreads the false rumor that Helen, a nurse, has COVlD-19. O o. A contract between a plumber and homeowner whereby the plumber agreed to do some work in exchange for payment "under the table." It was agreed that if payment was made in cash, no GST would be paid by the homeowner. Q d. A life insurance policy bought by Harvey insuring the life of his neighbour Kneival with Kneival's consent