Tom orally agrees to be liable for Zalas debt to Ace Loan Company. If Toms purpose for

Question:

Tom orally agrees to be liable for Zala’s debt to Ace Loan Company. If Tom’s purpose for this guaranty is to obtain a personal benefit, the guaranty is

a. enforceable whether or not it is in writing.

b. enforceable only if it is in writing.

c. unenforceable if it is in writing.

d. unenforceable.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Law Text And Exercises

ISBN: 9780357717417

10th Edition

Authors: Roger LeRoy Miller, William E. Hollowell

See More Books

Question Posted: Feb 25, 2024 05:00 AM

See More Questions

Females account for 65% of sales at a major retailer. Assume the probability of a customer being female is .65. The probability that a purchase made by a female exceeds $100 is .32 and the...
What is the source of energy that keeps the dunking bird in Figure 7.28 operating? Figure 7.28 a b d
Fly-Buy Aircraft sells a wide vanety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $105.00....
Discuss the two-pipe system, how it works, and its advantages and disadvantages.
Consider the data points (1, 8), (2, 4), and (4, 3). Find the straight line that provides the least-squares fit to these data.
Jimmy borrowed $50,000 to add a room to his house. He financed the loan over 3 years at 7 percent per year. He expects a 2 percent inflation rate each year for the next 3 years. It follows that he...
What is a bank reconciliation statement?
Effect of temporary differences on income taxes. Woodward Corporation purchases a new machine for $50,000 on January 1, 2008. The machine has a four-year estimated service life and an estimated...
how do i solve a-g? thank you - More Info a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory turnover e. Days' sales in inventory f. Days' sales in receivables g. Gross profit percentage...
On June 1, Mel, the owner of Fresco Organico, asks Ray to deliver Frescos menu items to customers on State Universitys campus until June 15, which is the final day of the spring semester. Ray says...
Kirill orally promises to work for Pat, and Pat orally promises to employ Kirill at a rate of $500 a week. This contract must be in writing to be enforceable if Kirill promises to work for a. his...
Mid-county Manufacturing purchased a three-year insurance policy for $30,000 on January 2, 2013. Prepare any journal entries, adjusting journal entries, and closing journal entries required on...
As of June 30, 2012, the bank statement showed an ending balance of $\$ 13,879.85$. The unadjusted Cash account balance was $\$ 13,483.75$. The following information is available: 1. Deposit in...
An engineering study has developed the following cost data for the production of product A: (1) If the current production level is 1,500 units, what is the incremental cost of producing an additional...
On December 1, a group of individuals formed a corporation to establish the Local, a neighborhood weekly newspaper featuring want ads of individuals and advertising of local firms. The free paper...
Design an arithmetic circuit with one selection variable S and two n-bit data inputs A and B. The circuit generates the following four arithmetic operations in conjunction with the input carry C in ....
For the system you chose for Problems and Exercises 3, complete section 4.0, A-C, Management Issues, of the BPP Report. Why might people sometimes feel that these additional steps in the project plan...
A control mass gives out 10 kJ of energy in the form of a. Electrical work from a battery b. Mechanical work from a spring c. Heat transfer at 500C Find the change in availability of the control mass...
Flicker, Inc., a closely held corporation, acquired a passive activity this year. Gross income from operations of the activity was $160,000. Operating expenses, not including depreciation, were...
Margaret and her sister support their mother and together provide 85 percent of their mothers support. If Margaret provides 40 percent of her mothers support: a. Her sister is the only one who can...
Angelas spouse died in 2021. She has two dependent children, and she pays the entire cost to maintain her home. What is Angelas most advantageous filing status in the current year? a. Single b. Head...
Angelas spouse died in 2022. She has no dependent children, but she pays the entire cost to maintain her home. What is Angelas most advantageous filing status in the current year? a. Single b. Head...
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
Prepare the adjusting journal entries and Post the adjusting journal entries to the T-accounts and adjust the trial balance. Dresser paid the interest due on the Bonds Payable on January 1. Dresser...
Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $11.50 per pound. If 3,900 units required 28,400 pounds, which were purchased at $10.92 per pound,...

Tom orally agrees to be liable for Zalas debt to Ace Loan Company. If Toms purpose for

Question:

Step by Step Answer:

The correct answer is a enforceable whether or not it is in writing Heres why Statute of Frauds Ge...View the full answer

Business Law Text And Exercises

Students also viewed these Social Science questions