Camp orally guaranteed payment of a loan Camp's cousin Wilcox had obtained from Camp's friend Main. The loan was to be repaid in 10 monthly payments. After making six payments, Wilcox defaulted on the loan and Main demanded that Camp honor the guaranty. Regarding Camp's liability to Main, Camp is
A. Liable under the oral guaranty because the loan would be paid within one year.
B. Liable under the oral guaranty because Camp benefitted by maintaining a personal relationship with Main.
C. Not liable under the oral guaranty because Camp's guaranty must be in writing to be enforceable.
D. Not liable under the oral guaranty because of failure of consideration.
C. Not liable under the oral guaranty because Camp's guaranty must be in writing to be enforceable.
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Ralph Means' company has decided that it would like to export products to Japan. In order to do this, Mr. Means will sell his company's products to a Japanese distributor who in turn will sell (export) the products to the Japanese consumers. This form of exportation is called indirect exporting.
a. true b. false
The ________ is a government agency that insures deposits at most banks and savings institutions in the United States
A) Federal Deposit Insurance Corporation B) Federal Reserve System C) Resolution Trust Corporation D) Bureau of Federal Credit Unions