Answer the following: a. State and local governments require licenses for certain business and professional activities. Explain the difference between a regulatory licensing statute and a licensing statute enacted to raise revenue. b. Explain the significance in contract law between a regulatory license and a revenue raising license. c. Give an example of each type of licensing statute
a. A regulatory licensing statute is enacted to protect the public against unqualified persons. A revenue-raising statute does not seek to provide protection against the unqualified but is enacted merely to collect a licensing fee as revenue.
b. In the case of a regulatory license, an unlicensed person may not collect for his or her services. In the case of a revenue-raising license, an unlicensed person may collect for his or her services.
c. Regulatory: Doctors, lawyers, CPA's, and other professionals who must prove their competency based on established criteria of education and/or examinations. Revenue raising: Individuals and businesses who merely complete a form and pay a fee to obtain a license, such as a bar completing a liquor license.
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