Napoleon wanted to borrow money from the Bank of Winnipeg.The bank, however, was not entirely convinced that he would be able to repay the debt.It therefore wanted some assurance from Napoleon's friend, Josephine, that she would repay the loan if Napoleon did not.Which of the following statements is most likely to be TRUE?
A) If it was not evidenced in writing, Josephine's promise will certainly be enforceable if it was a guarantee, but it may not be enforceable if it was an indemnity.
B) If Josephine's promise must be evidenced in writing in order to be enforceable, the bank may be able to satisfy that requirement by combining several documents, even if those documents do not refer to each other.
C) If Josephine's promise is not evidenced in writing, and if such writing is required by statute, then neither Josephine nor Napoleon needs to repay the loan.
D) If Josephine's promise must be evidenced in writing in order to be enforceable, then the contract will be unenforceable unless both Josephine and the bank sign the relevant document.
E) If Josephine's promise is properly classified as an indemnity, then the bank cannot demand payment from her unless Napoleon has first refused to pay.
Correct Answer:
Verified
Q54: Pam entered into a contract with Dave.A
Q55: Stewart is a fifteen-year-old boy who comes
Q56: Maeve entered into a contract with Tyler.The
Q57: Where is exists, the Statute of Frauds
Q58: Tajeash and Faye entered into a contract.Before
Q60: Which of the following is TRUE?
A)A transaction
Q61: In 1824, Justice Burrough said, "Public policy
Q62: From the perspective of risk management, what
Q63: Charlie has bipolar disorder (also known as
Q64: Contracts are part of private law.A key
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents