Chris wanted to get a loan from the bank, but he had bad credit. In order to get the money, he convinced Eric to cosign as a surety. Now Chris has stopped making the payments. When is Eric liable for repayment of the loan?
A. When Chris stopped making payments.
B. Never, because Eric was not the one actually using the money.
C. Only after the bank attempts to recover the full amount from Chris.
D. At any point.
Answer: D
You might also like to view...
Employees at the ABC Corporation honor promises to suppliers, even if they don’t have a written contract. This reflects which principle of the Global Business Standards Codex?
A. dignity principle B. property principle C. reliability principle D. citizenship principle
Team members who have dissimilar expertise from their teammates are more likely to exhibit creativity when the team as a whole engages in
Which type of administrative agency's head answers to the president and may be disciplined or terminated at the president's will?
a. Independent agency b. Executive agency c. Public service agency d. Social welfare agency
Radio boasts the broadest mass reach among all media.
Answer the following statement true (T) or false (F)