Corbin,a partner in Doctors Medical Clinic,applies for a loan with Evermore Bank allegedly on Doctors' behalf but without the authorization of the other partners.Evermore knows that Corbin is not authorized to take out the loan.Corbin defaults on the loan.Liability for its unpaid amount is imposed on

Question

Quizplus · Accepted Answer

Corbin acted without authorization and Evermore knew this, so they cannot hold Doctors liable for the unpaid loan amount. Corbin alone is responsible for the default.

Corbin,a Partner in Doctors Medical Clinic,applies for a Loan with Evermore