Top Posters
Since Sunday
g
3
3
2
J
2
p
2
m
2
h
2
s
2
r
2
d
2
l
2
a
2
Home Q & A Board Humanities Legal Studies
New Topic  
bigcaat bigcaat
wrote...
Go to Answer
Posts: 640
Rep: 0 0
6 years ago
John and Henry go to the bank so that Henry can borrow $50 000.00. The bank will only give Henry the money if John guarantees it, and John agrees in writing to do this. A couple of months later and unknown to John, Henry and the bank agree to material changes to Henry's loan, including increasing the interest rate substantially. If Henry defaults on the loan and the bank decides to sue both Henry and John,
a. John's guarantee and Henry's debt are discharged by the changes made to the loan.
b. John will be held liable on his guarantee, but Henry will not be because of the material changes to the loan.
c. John, as guarantor, will be held liable on his guarantee, and Henry, as principal debtor, will be held liable on the debt.
d. John's guarantee is discharged due to the changes made to the loan, and the bank can only sue Henry on the debt.
e. none of the above
Textbook 
The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
Authors:
Read 95 times
1 Reply
Replies
Answer verified by a subject expert
MiY4GiMiY4Gi
wrote...
#1
Top Poster
Posts: 676
Rep: 31 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

bigcaat Author
wrote...

6 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
smi3
wrote...

Yesterday
Helped a lot
sweetalia
wrote...

2 hours ago
Smart ... Thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1019 People Browsing
 120 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 5699
  
 379
  
 704
Your Opinion
What's your favorite coffee beverage?
Votes: 274
Previous poll results: Which is the best fuel for late night cramming?