TB MC Qu. 28-41 Giselle has signed a promissory note, with her friends... Giselle has signed a promissory note with her friends Hubert. Nicholas, and Geoffrey serving as her cosuretles on the note. When Giselle defaults, Geoffrey pays the entire debt. Geoffrey is entitled to collect one-third of the debt payment from both Nicholas and Hubert. This is known as the cosurety's right Multiple Choice to contribution to redemption of exoneration of collection Save & Exit TB MC Qu. 28-19 Which of the following is the purpose... Submit Which of the following is the purpose of a contract of suretyship? Multiple Choice To substitute the surety for the debtor in terms of the obligation to pay the debt owed To provide the creditor with additional protection against loss upon the debtor's default O To indicate with specificity) the personal and/or real property used to collateralize the loan To formalize in writing the debtor's promise to satisfy the debt owed TB MC Qu. 26-41 A document that gives person A the right to... A document that gives person A the right to act for person B, in the event that person A becomes incapacitated is known as a: Multiple Choice right of succession durable power of attorney living trust codicil TB MC Qu. 26-83 Jimmy has been appointed personal representative... Jimmy has been appointed personal representative of his Aunt's estate. The estate is valued at one million dollars. Most states require that the personal representative of an estate post a bond: Multiple Choice in accordance with the amount provided by the will in an amount in excess of the estimated value of the estate in the amount of $10,000 O In the amount of $5.000 TB MC Qu. 28-56 Mikael operates an upholstering business. He goes... Mikael operates an upholstering business. He goes to Hansen's house to reupholster a sofa for Hansen. After the work was complete. Hansen refused to pay the agreed price. Mikael wants to assert a lien against the sofa in order to collect the money due to him. Is Mikael entitled to a lien in this case? Multiple Choice No, since Hansen did not give up the possession of the sofa Yes, since Hansen owes a debt to Mikael No, because there is no surety involved in the transaction Yes, because he is an artisan who improved personal property