Burger borrowed $ 10,000 on a three- year term from Valley National Bank. Burger’s uncle signed as guarantor of the loan. At the end of the three years, Burger requested that the bank extend the loan for an additional three years and the bank agreed. Burger’s uncle was never notified of the loan extension. Is Burger’s uncle relieved from liability as guarantor of the loan?
Answer to relevant QuestionsAs you read through the chapter, what would you say are the advantages to a company if it establishes and maintains good ethical standards of behavior in the company? Describe the role of the judiciary in the United States. Harper bought a TV set from a department store and charged it on his charge account. When he failed to pay for the set, the store tried to repossess it. Can the store legally do so? Sanders owned a stamp collection on which she had a valued insurance policy for $ 1,500. The entire collection was stolen. The insurance company offered to pay Sanders $ 1,000, claiming that was the value of the collection ...In applying for life insurance, Wells stated by mistake that he was twenty- three years old when he was actually twenty- four. After paying the premiums for thirty years, he died. The insurance company learned what his ...
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