Janet guaranteed Eldons debt of $18 000 to the Bank of Montreal on 1 January 2014. Eldons
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Janet guaranteed Eldon’s debt of $18 000 to the Bank of Montreal on 1 January 2014. Eldon’s loan agreement with the bank provided that he was to pay back $1000 every month for 20 months. On 1 February 2014, Eldon and the bank agreed that the loan amount would be increased to $25 000 with the same monthly payment of $1000 but for 28 months. Does this agreement have any effect on Janet’s obligations under her guarantee?
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By increasing the amount of the debt without notice to the guarantor the Bank of Montreal ...View the full answer
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Related Book For 
Managing the Law The Legal Aspects of Doing Business
ISBN: 978-0132164429
4th edition
Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer
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