Mark Perez Signs a Standard Form Guarantee for a $60,000

question 87

Multiple Choice

Mark Perez signs a standard form guarantee for a $60,000 loan his brother Fred gets from a bank. Fred later incurs a credit card debt to the Bank for a further $4,500. Fred also later guarantees a loan of $5,000 from the bank to his wife, who goes bankrupt. Fred pays back $30,000 on his loan and then goes bankrupt. For what principal amount is Mark liable as a result of the guarantee?

• A)$30,000
• B)$34,500
• C)$35,000
• D)$39,500
• E)$48,000

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Definitions:

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