China Outlet made contract to purchase $1 million of china from Seller on credit. ABC Savings and Loan issued a letter of credit agreeing to pay $250,000 upon receipt of documents showing that the china was in fact delivered to China Outlet, China Outlet failed to pay for the china and Seller demanded the $1 million from ABC Savings and Loan. As a result: ABC Savings and Loan must pay $1 million to Seller ABC Savings and Loan must pay$250,000 immediately upon demand by Seller. ABC Savings and Loan must pay $250,000 to Seller after it receives the required documents. ABC Savings and Loan must not pay anything to Seller until ABC Savings and Loan receives the required documents and ABC Savings and Loan inspects the china to assure that Seller properly performed the contract QUESTIONS 1 p Diane purchased a jet sky for $10,000. The creditor secured the debt by placing a lien on the jet ski. Jonathan acted as the surety for the debt. Diane defaulted on her loan and was preparing to sell the jet ski and leave town with the proceeds, Jonathan knew of Dianes plans and notified the creditor. Creditor failed to act. Creditor sued Jonathan as the surety. What is Jonathana s defense? Defense of contribution. Defense of subrogation. Defense of exoneration. Jonathan does not have any defense against creditor. 1 QUESTION 9 Meenie, Miney and Moe acted as co-sureties. Meenie had a maximum exposure of $40,000, Miney had a maximum exposure of $60,000 and Moe had a maximum exposure of $80,000. Debtor defaulted when the loan was still at $180,000. Meenie paid $36,000 to the lender as full and final settlement of any and all claims against Meenie, Miney and Moe. What is the total amount that Meenie is able to recover from Miney and Moe under the theory of indemnification? $0 $24,000 $28,000 $140,000