State Bank offers to lend money to Rodeo Promotions, Inc., at 15 percent interest. Before Rodeo accepts, a statute is enacted prohibiting loans at interest rates greater than 12 percent. Rodeo and the bank have
A. have a contract for a loan at 15 percent interest.
B. have a contract for a loan at 12 percent interest.
C. have a contract for a loan at 0 percent interest.
D. no contract for a loan.
Answer: D
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