Bob wants to buy a new car, but does not have the necessary credit score to qualify for financing. Bob's friend, Tom, calls the automobile dealer and orally agrees to "guarantee" any loan extended to Bob $($meaning that Tom agrees to pay the debt if Bob fails to do so$).$ Under the circumstances, Tom's oral agreement to guarantee the loan is an enforceable contract, and he can be held responsible for the debt if Bob fails to repay the loan. true or false