Elmer agreed to act as the conditional guarantor of collection on a debt of $50,000 that Fred owed to Gloria. Fred paid Elmer a premium to serve as surety. If Fred defaults on the debt, what are Gloria's rights against Elmer?
Fred has only agreed to act as a conditional guarantor of collection. Thus, he is liable only if Gloria obtains a judgment against Fred and is unable to collect that judgment.
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Do not use question marks for ________________ questions or for statements written as questions but intended as courteous requests
a. rhetorical b. insignificant c. irrelevant d. indirect
Disposable income refers to
A. the money deducted from a person's paycheck to pay for federal, state, and local taxes. B. the money that remains before paying for taxes and necessities. C. the money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation. D. the total amount of money made by a single individual during his or her lifetime. E. the money that is spent for necessities or charitable causes that is exempt from taxation.
Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods. Under the UCC, an implied warranty of fitness of a particular purpose arises
a. if the buyer is relying on the seller to select suitable goods. b. if the buyer asks for it. c. if the seller is a merchant who deals in goods of the kind sold. d. in conjunction with lease contracts, not sales contracts.
Define the term "limited liability" and state why you think it is an important feature of the corporate form of organization
What will be an ideal response?