This is the BUSINESS LAW 2390. The chapter is CREDITORS. I would like to know how to use Guarantee to apply the below sentence.

I am a new immigrant to Canada and I apply for a $7,000 bank loan. I do not have many assets and I only have a credit history going back two months.The bank doesn't know much about my lending history since I am new to Canada. Discuss one of the options the bank might have in this situation to minimize their risk.

P AutoSave OnOF BUSI 2390-BankingCreditorsBankruptcy . Last Modified: 56m ago Search (Alt+Q) Sunny Wong SW X File Home Insert Draw Design Transitions Animations Slide Show Record Review View Help Record Share Layout A A AD Shape Fill Find New Reuse Reset Shape Outline Replace Paste B I U S ab AV Aa _ Av Arrange Quick Dictate Design Slide v Slides Section Styles Shape Effects v Select Ideas Undo Clipboard Slides Font Paragraph Drawing IS Editing Voice Designer 13 Priority of Secured Creditors want of bankruptcy (which then reduces the mak) Guarantees GUARANTEED 14 Rights and Remedies upon Default Guarantees In the most of sufout the States Forty can anka position of Used by creditors to ensure payment of debt by a third party (i.e. the guarantor) 15 Must be evidenced in writing What other methods are available to secure finandal obligations? Guarantee Separate contract - must contain all elements of a contract adamnity All ways to reduce risk A Guarantor (person or organization providing the guarantee) must 16 pay when the debtor defaults Guarantees Therefore do not offer to be a guarantor lightly! Guarantees are not the same as Indemnities: indemnity is an 17 agreement where one party agrees to be directly responsible for Liens paying the debt of another and no default is required to trigger Registration - legislation stipulates the process and timing the obligation los spellus to car dealerships ate. under the Roasters 18 Your tasks this week d chapter 19 of your textbook slide 16 of 18 English (Canada) Accessibility: Investigate Notes 88 + 82% Q X P ENG 9:51 PM US 2022-04-04 11