Wooden personally guaranteed the debts of Wooden Nickel Plantation, LLC, along with two other individuals. The company
Question:
Wooden personally guaranteed the debts of Wooden Nickel Plantation, LLC,
along with two other individuals. The company defaulted on its debt, and the bank that had extended the loan settled with the two other individuals. Wooden argued that this settlement created a novation with respect to his guarantee and relieved him of guaranteeing his portion of the debt.
CASE QUESTIONS
1. What is necessary to create a novation?
2. Do the facts here establish that a novation was created?
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Step by Step Answer:
1 Both parties must agree t...View the full answer
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Related Book For 
Business Law And Strategy
ISBN: 9780077614683
1st Edition
Authors: Sean Melvin, David Orozco, F E Guerra Pujol
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