Question 15 (1 point) Your brother wants to borrow $80000 from the Bank of Victoria and has asked if you would guarantee the loan. You have been told the following with regard to guarantees. Which of the following statements is CORRECT?

1. As a guarantor, you cannot be relieved of your obligation if the bank fails to disclose financial information in relation to your brother in the bank's possession,

2. Aguarantor becomes liable on the debt as soon as the principal debtor defaults on the loan granted to him.

3. You, as guarantor cannot be relieved of your obligation if the bank does something to weaken your position-e... by agreeing with your brother to increase the amount without your consent. If he defaulted on his payments and you had to pay the debt to the bank you would not be subrogated to the rights of the bankable.. you would get the bank's right to sue your brother.

5) A legally enforceable guarantee need not be in writing as long as it is witnessed.

DO NOT COPY FROM CHEGG I NEED A FULL EXPLANATION