Rashi Is a Student at State University

question 70

Essay

Rashi is a student at State University. In need of funds to pay for tuition and books, Rashi asks Tiempo Loans, Inc., for a short-term loan. The lender agrees to make a loan if Rashi will have someone who is financially responsible guarantee the loan payments. Umberto, a well-known businessperson and a friend of Rashi's family, calls Tiempo and agrees to pay the loan if Rashi cannot. Because of Umberto's reputation, the loan is made. Rashi is making the payments, but because of illness he is unable to work for one month. He asks Tiempo to extend the loan for three months. The lender agrees, raising the interest rate for the extended period. Umberto is not notified of the extension (and thus does not consent to it). One month later, Rashi drops out of school. All attempts to collect the remainder of the loan from Rashi fail. Can Tiempo assert a claim against Umberto on the debt?

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Definitions:

Jurisdictional Strike

A strike action initiated by workers to contest the assignment of work tasks based on the boundaries of union agreements or trades.

Recognition Strike

A labor action taken by workers to gain acknowledgment from their employer regarding the legitimacy of their union or bargaining unit.

Economic Strike

A work stoppage conducted by employees to demand higher wages, better benefits, or improved working conditions, as opposed to strikes over rights or legal issues.

Sympathy Strike

A work stoppage by one union in support of a strike initiated by another union, typically to support the striking union's goals.