Napolean wanted to borrow money from the Bank of Winnipeg.The bank was not,however,fully convinced that Napolean would be able to repay the debt.It therefore wanted some assurance from Napolean's mother,Josephine,that she would repay the loan if necessary.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 Napolean 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 Napolean has first refused to pay.
Correct Answer:
Verified
Q44: Which of the following have limited capacity
Q54: Whether actual pressure has been exerted is
A)never
Q55: On Tony's 21ˢᵗ birthday,he decides to treat
Q56: Eugenia is spending the weekend looking for
Q57: Which of the following is TRUE?
A)A transaction
Q59: An unconscionable transaction is
A)an agreement that is
Q60: A force majeure clause
A)allows a contract that
Q61: Rosa immigrated to Canada as a teenager.She
Q63: Elsa is a member of an active
Q66: What is the difference between voidable and
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