Four partners own the used car dealership Square Deal Ltd.The company needed more working capital,so the partners went to the bank officer for a loan.The bank officer stipulated that she would approve the loan application if each of the owners signed a personal guarantee on the loan.This was agreed to by the four,but when it came time for signing,one of the partners was on an extended trip to Asia and couldn't be reached.The other three signed the document.Based on the three guarantees,the bank decided to go ahead with the loan to Square Deal Ltd.Are the guarantees enforceable against the three partners?
A)Yes,they are,since the bank extended the loan without objection from the partners.
B)No,they are not,because the partner in Asia had the "deep pockets."
C)Yes,they are,since there was good consideration given.
D)No,they are not,since the condition precedent was never met.
E)No,they are not,because there was a definite lack of consideration.

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The Answer of Four partners own the used car dealership Square Deal Ltd.The company needed more working capital,so the partners went to the bank officer for a loan.The bank officer stipulated that she would approve the loan application if each of the owners signed a personal guarantee on the loan.This was agreed to by the four,but when it came time for signing,one of the partners was on an extended trip to Asia and couldn't be reached.The other three signed the document.Based on the three guarantees,the bank decided to go ahead with the loan to Square Deal Ltd.Are the guarantees enforceable against the three partners?
A)Yes,they are,since the bank extended the loan without objection from the partners.
B)No,they are not,because the partner in Asia had the "deep pockets."
C)Yes,they are,since there was good consideration given.
D)No,they are not,since the condition precedent was never met.
E)No,they are not,because there was a definite lack of consideration.

Four Partners Own the Used Car Dealership Square Deal Ltd