Jane is interested in purchasing a condominium property from Full House Real-Estate Group.She recently graduated college, so she does not have much of a credit record.Knowing this, she goes to Version Bank with her wealthy cousin, Ted, who previously agreed to assist her in buying a house.Which statement is most likely to be TRUE?
A) Ted can indemnify the bank loan as an unconditional promise to pay only when Jane defaults on her payments.
B) Ted can guarantee the bank loan as an unconditional promise to pay only when Jane defaults on her payments.
C) Ted can guarantee the bank loan as a conditional promise to pay only when Jane defaults on her payments.
D) Ted can indemnify the bank loan as a conditional promise to pay only when Jane's obligations become due.
E) Ted can indemnify the bank loan, but the indemnification is only enforceable if the indemnity is signed under a notary public seal according to the Indemnification Acknowledgments Act.
Correct Answer:
Verified
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