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In CASE 23

Question 28

Multiple Choice
In CASE 23.1Tufankujian v.Rockland Trust Co.(2003)Tufankujian signed a contract to acquire a Toyota dealership for $1.4 million.Rockland agreed to lend Tufankujian $700,000 at 7.5% interest,with the remaining $700,000 to come from the SBA at a separate interest rate which was quoted by Rockland at 6.5% (but with no written guaranty).Ultimately,the loan was not consummated and Tufankujian sued.How did the court rule?

In CASE 23.1Tufankujian v.Rockland Trust Co.(2003) Tufankujian signed a contract to acquire a Toyota dealership for $1.4 million.Rockland agreed to lend Tufankujian $700,000 at 7.5% interest,with the remaining $700,000 to come from the SBA at a separate interest rate which was quoted by Rockland at 6.5% (but with no written guaranty) .Ultimately,the loan was not consummated and Tufankujian sued.How did the court rule?


A) The court dismissed Tufankujian's claims.
B) The court heldTufankujianbreached his duty of good faith and fair dealing and awarded damages toRockland.
C) The court heldRockland had committed fraud but only awarded Tufankujian nominal damages of $1.
D) The court heldRockland breached its duty of good faith and fair dealing and awarded damages toTufankujian.

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