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ohiosr ohiosr
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7 years ago
In May, farmer Smith sold one of his tractors to farmer Jones for $26 000. Smith received $6000 down and a 7 percent note payable (for $20 000) to be paid on October 15th. In need of cash, farmer Smith brought the note to his bank for discounting. The bank gave cash less 5 percent for the note, whereas farmer Smith endorsed the note in favour of the bank. Farmer Smith performed an act of
a. indemnity.
b. subrogation.
c. discharge.
d. novation.
e. guarantee.
Textbook 
The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
Authors:
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MiY4GiMiY4Gi
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ohiosr Author
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#2
6 years ago
Correct again
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