Thomas Borrowed $100,000 from First Bank,which Asked That He Both

question 7

Essay

Thomas borrowed $100,000 from First Bank,which asked that he both put up collateral and provide a surety.Consequently,Thomas provided the bank with a security interest in his antique car collection and asked Victor to act as a surety.Victor agreed to do so and signed a surety agreement with the bank.Thomas made several payments on the loan and then asked First Bank for permission to sell three of his cars.First Bank agreed,but it never notified Victor of the sale of the collateral.Thomas then defaults on the loan.First Bank now wants Victor to pay the remainder of the loan.Must Victor pay? Explain.

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Definitions:

Verbal Sexual Harassment

Unwanted and inappropriate verbal comments, jokes, or gestures of a sexual nature that create an offensive or hostile environment.

Sexual Favors

Actions performed that involve sexual activities, often implied to be in exchange for something else.

Promotion

The act of raising someone to a higher position or rank, or the process of actively supporting a cause, product, or service.

Decision Making

The method of selecting options through recognizing a choice, collecting data, and evaluating different solutions.