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.
You might also like to view...
On January 1, 2016, Renee Corp, a lessee, signed a five-year capital lease for new equipment. The lease requires annual payments of $8,000. The first payment is due on December 31, 2016. Renee guaranteed a residual value of $2,000. On December 31, 2020, Renee returned the asset to the lessor, and the asset was appraised at a value of $1,500. Renee should record which of the following on December
31, 2020? A) a $1,500 credit to leased equipment B) a $500 debit to loss on disposal of leased equipment C) a $500 debit to cash D) a $1,500 credit to cash
Name one strength and one criticism of the skills approach to leadership.
What will be an ideal response?
Which of the following is NOT a key characteristic of dues-paying?
A. It is situation-specific. B. It is a perceptual phenomenon. C. It is judged by many different observers. D. It is seldom paid for continuing membership in the group.
What does the ? symbol represent?
a.The mean b.The sum of values c.The sample size d.An individual score