First State Bank offers to lend money to Greco at 15 percent interest.Before Greco accepts,a statute is enacted prohibiting loans at interest rates greater than 12 percent.Greco and the bank have

Question

Quizplus · Accepted Answer

The statute prohibiting loans at interest rates greater than 12 percent overrides any previous agreements between Greco and the bank. Therefore, there is no contract for a loan between them.

First State Bank Offers to Lend Money to Greco at 15