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Elizabeth gave a guarantee to the bank in support of a loan to Tomasz. Over the next few years, the ...

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Elizabeth gave a guarantee to the bank in support of a loan to Tomasz. Over the next few years, the ...

Elizabeth gave a guarantee to the bank in support of a loan to Tomasz. Over the next few years, the bank and Tomasz made a number of alterations to the loan agreement. The effect of these changes was to significantly increase the amount owing to the bank. Elizabeth had no notice or knowledge of these changes, nor did she consent to any such changes. What is the likely result?

▸ A guarantee is executed under seal, therefore it will be presumed valid regardless of defect.

▸ Elizabeth will not be bound by the new terms and will also be released from the original obligations.

▸ Elizabeth is bound by the changes to the loan, because guarantees are, by their nature, continuing.

▸ Guarantees are a mere formality; only Tomasz has obligations to the bank.

▸ The failure to notify Elizabeth would release both Elizabeth and Tomasz from their obligations.

Textbook

Legal Fundamentals for Canadian Business

Edition: 4^th

Author: Yates

Read 53 times

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