Highlighted is the answer I got incorrect
a) Indicate which answer choice is correct. Explain why this choice is correct, citing to pages in the textbook, powerpoint slides, and/or lecture notes. b) For each of the wrong answer choices, explain why the choices are incorrect. Type your responses underneath each question or after each answer choice in color (to distinguish it from the text of the test question). 7. Michael co-signed a promissory note for his roommate, Steve, who wanted to buy a video game console but had lousy credit. By the terms of the note, Steve agreed to pay Greg, who sold him the console, $1,000 on or before May 1, 2020. When Michael co-signed the document, he added, "collection guaranteed. While Michael was away on a business trip, Steve moved out of the apartment and left no forwarding address (or the video game console, for that matter). Greg, who sold Steve the console, came to the door on May 1st seeking payment on the note. Under what circumstances can Greg collect the money owed from Michael? a. Right then and there, because as a co-signer Michael has primary liability on the note. b. Only after Greg makes a diligent effort to first locate Steve and ask him for payment. c. Never; by moving out without giving notice, Steve was in violation of his lease with Michael, so Michael was entitled to cancel his obligation to Steve on the note. d. Only after Greg sues Steve for payment and gets a court judgment against him. e. Only if the video game console worked properly when Greg sold it to Steve. a) Indicate which answer choice is correct. Explain why this choice is correct, citing to pages in the textbook, powerpoint slides, and/or lecture notes. b) For each of the wrong answer choices, explain why the choices are incorrect. Type your responses underneath each question or after each answer choice in color (to distinguish it from the text of the test question). 7. Michael co-signed a promissory note for his roommate, Steve, who wanted to buy a video game console but had lousy credit. By the terms of the note, Steve agreed to pay Greg, who sold him the console, $1,000 on or before May 1, 2020. When Michael co-signed the document, he added, "collection guaranteed. While Michael was away on a business trip, Steve moved out of the apartment and left no forwarding address (or the video game console, for that matter). Greg, who sold Steve the console, came to the door on May 1st seeking payment on the note. Under what circumstances can Greg collect the money owed from Michael? a. Right then and there, because as a co-signer Michael has primary liability on the note. b. Only after Greg makes a diligent effort to first locate Steve and ask him for payment. c. Never; by moving out without giving notice, Steve was in violation of his lease with Michael, so Michael was entitled to cancel his obligation to Steve on the note. d. Only after Greg sues Steve for payment and gets a court judgment against him. e. Only if the video game console worked properly when Greg sold it to Steve
