L&R Computers, Inc., wants to obtain a loan from First National Bank. The bank refuses to lend
Question:
L&R Computers, Inc., wants to obtain a loan from First National Bank. The bank refuses to lend L&R the funds unless Lee, L&R’s sole stockholder, agrees to assume liability if L&R does not pay off the loan. Lee agrees. When the first payment is due, the bank can seek payment from L&R
a. but not Lee because Lee is a guarantor.
b. but not Lee because Lee is a surety.
c. or Lee because Lee is a surety.
d. or Lee because Lee is a guarantor.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
The correct answer is c or Lee because Lee is a surety As a surety Lee has agreed to guarantee the d...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Business Law Text And Exercises
ISBN: 9780357717417
10th Edition
Authors: Roger LeRoy Miller, William E. Hollowell
Question Posted:
Students also viewed these Social Science questions
-
A utility hook was formed from a round rod of diameter d = 20 mm into the geometry shown in the figure. What are the stresses at the inner and outer surfaces at section AA if F = 4 kN, L = 250 mm,...
-
1. The SEC has issued independence rules that differ from the AICPA's in all of the following areas except: (Points : 1) Working paper documentation. Provision of other professional services. Human...
-
MULTIPLE-CHOICE QUESTIONS 1. Which of the following is not a reason that audit firms continue to experience high levels of litigation? a. Joint and several liability statutes. b. Class action...
-
A company estimates that the marginal cost (in dollar per item) of producing x items is 1.73 - 0.004x. if the cost of producing one item is $566, find the cost of producing 100 items. (Round your...
-
If $2000 is deposited at the end of each quarter into an account that earns 6% compounded quarterly, how long until the account reaches $50,000? (a) State whether the problem relates to an ordinary...
-
A typical compressed workweek schedule involves 40 hours of work done in ____________ days. (a) 3 (b) 4 (c) 5 (d) a flexible number of
-
It is common to rearrange Eq. (6.57) to a friction-factor and Reynolds-number form similar to that for a Newtonian fluid. The friction factor is defined as usual by Eq. (1.22): \[f=\frac{1}{4}...
-
Doublewide Dealers has an ROA of 10%, a 2% profit margin, and an ROE of 15%. What is its total assets turnover? What is its equity multiplier?
-
Why are financial markets essential for a healthy economy and economic growth? What are financial institutions? Describe each and give an example of who may use them: Investment banks Commercial...
-
An employer can dismiss an employee due to garnishment. (True/False)
-
A writ of execution is issued before the entry of a final judgment. (True/False)
-
The following is an excerpt from a conversation between two employees of Resource Technologies, Haley Eubanks and Clay Hamon. Haley is the accounts payable clerk, and Clay is the cashier. Haley:...
-
On January 2, 20X6, Tim Brooks established a $500,000 trust at Wyndham National Bank, the income from which is to be paid to Mansfield University for general operating pur- poses. The Wyndham...
-
During the years ended June 30, 20X6, and 20X7, Sampson University conducted a diabetes research project financed by a $2,000,000 gift from an alumnus. This entire amount was pledged by the donor on...
-
The City of Corona, California, Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports an increase in Fund Balances of $31,152,287. Required Based on the...
-
Joshua Village issued the following bonds during the-year ended June 30, 20X5: How much of these bonds should be accounted for as Joshuas General Long-Term Liabilities? a. $500,000. b. $200,000. c....
-
Robeson County has a Capital Projects Fund for its courthouse renovations. The appropriation authority for the fund continues until the end of the project. The voters approved a bond issue for the...
-
Return to the RAR data in Short Exercise 13-8. RAR had 13,500 shares of common stock outstanding during 2012. RAR declared and paid preferred dividends of $3,000 during 2012. Requirement 1. Show how...
-
Big Jim Company sponsored a picnic for employees and purchased a propane grill equipped with a standard-sized propane tank for the picnic. To make sure there was enough propane for all the cooking...
-
Talking about Christianity without saying anything about sin is like discussing gardening without saying anything about weeds. The Rev. Lord Soper, quoted in The New York Times , 24 December 1998
-
Each of the following is intended to be a refutation by logical analogy. Identify the argument being refuted in each and the refuting analogy, and decide whether they do indeed have the same argument...
-
The famous chemist and biologist Justus von Liebig dismissed the germ theory with a shrug of the shoulders, regarding Pasteurs view that microbes could cause fermentation as ridiculous and naive as...
-
The price of a UK 10-year gilt is quoted at 10713/32 It has a face value of 100, and yields coupons at a rate of 4.25%, that it pays semi-annually. What is the price of the bond today? Comment on...
-
What nuanced methodologies exist for evaluating and selecting high-performing mutual funds or exchange-traded funds (ETFs) that align with an investor's specific investment goals and risk tolerance...
-
=OFFSET('Demand Data' !A4,MATCH(Dashboard!$C$4$,demand_item,0),MATCH(Dashboard!$B23,'Demand Data'!C4:H4)) I want to use my input cells from my two drop down menus on my dashboard that are for...
Study smarter with the SolutionInn App