Roger Ho signs a guarantee form for a bank loan for Melissa Ryan for $10,000. The bank's standard form contains a continuing guarantee clause. Melissa pays down the loan $5,000, then borrows another $7,000 - making the loan $12,000 - and then she defaults. Which of the following amounts does Ho have to pay?
A) $5,000
B) $7,000
C) $10,000
D) $12,000
E) None of the above
Correct Answer:
Verified
Q12: Which of the following statements is FALSE?
Q13: Lamar Carler writes a cheque for $10,000
Q14: If you sign a standard bank guarantee
Q15: On a cheque, the bank is the:
A)Payor
B)Drawee
C)Drawer
D)Payee
E)Creditor
Q16: You have $240,000. You deposit half in
Q18: Ray Huang signs a cheque on his
Q19: A financial arrangement in which a third
Q20: Mark Perez signs a standard form guarantee
Q21: A document in which the bank guarantees
Q22: Which of the following contract offenses are
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