Question
10. Your brother wants to borrow $8,000 from the Bank of Britannia and has asked if you would guarantee the loan. Which of the following
10. Your brother wants to borrow $8,000 from the Bank of Britannia and has asked if you would guarantee the loan. Which of the following statements is false? a. As guarantor you can use any defense against the bank that your brother could use. b. The defence of Non Est Factum (didnt know the nature of the document being signed) is not available in the case of guarantees. c. You, as guarantor, may be relieved of your obligation if the bank does anything to weaken your position, e.g. by agreeing with your brother to increase the amount without your consent. d. If he defaulted on his payments and you had to pay the debt to the bank, you would be subrogated to the rights of the bank, i.e. you would get the bank's right to sue your brother. e. A guarantee not under seal must satisfy all the elements required to create a binding contract.
11. Is an indemnity a primary or secondary obligation?
12. What is the responsibility of the prime contractor under legislation?
I need the answer as soon as possible.
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