Question: Please help me to answer. See the attached photo below 3. A and B have a verbal contract of loan. It was agreed upon that

Please help me to answer. See the attached photo below

Please help me to answer. See the attached photo below 3. A

3. A and B have a verbal contract of loan. It was agreed upon that B shall pay on or before December 6, 2022 with the interest rate at 5% per annum. On the date agreed upon, B made no payment. a. If the Court nds in favour of A and against B, can the latter be held liable for the payment of interest agreed upon by the parties\"? b. What is a usurious transaction? . Since the usury law is no longer applicable, can the parties stipulate any amount of interest? Is there any limitation? \\

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!