Damien, a first-year law student, offers his services to Mr. Jenkins to help draft his will. Mr. Jenkins agrees to Damien's offer, and promises to pay him $400 for his services. Damien completes the draft of the will
But when Damien goes to collect his payment, Mr. Jenkins refuses payment. Damien knew that he had no legal recourse to enforce the contract. What statute had Damien violated in his contract with Mr. Jenkins?
A) revenue-raising statute
B) regulatory licensing statute
C) usury statute
D) ratification statute
B
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Storing cash in a company safe is an application of which internal control principle?
A. Segregation B. Establishment of responsibility C. Documentation procedures D. Physical controls
The corporate veil is most likely to be pierced and the shareholders held personally liable if
A. The corporation has elected S corporation status under the Internal Revenue Code. B. The shareholders have commingled their personal funds with those of the corporation. C. An ultra vires act has been committed. D. A partnership incorporates its business solely to limit the liability of its partners.