A Clause That States That a Bank Can Make a Major

question 65

Multiple Choice

A clause that states that a bank can make a major change to the terms of a guarantee as it may see fit and the bank does not have to give notice or get the consent of the guarantor is

• A)illegal
• B)is legal if the bank gives the guarantor notice of the change but their consent is not needed
• C)is legal only if the bank gets the guarantor's consent
• D)unenforceable if guarantor has repaid most of the debt already
• E)a material variation clause

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Definitions:

Recall

The act of retrieving information or memories from the past, with or without the use of an explicit cue.

Cognitive Processes

Cognitive functions related to the acquisition, analysis, and retention of information.

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using information, including perception, memory, thinking, and language.

Encoding

The process of converting information into a form that can be stored in memory.