Fact Pattern 33-1Petro Oil Refinery Asks Quality Bank for a Loan

question 57

Multiple Choice

Fact Pattern 33-1Petro Oil Refinery asks Quality Bank for a loan to increase its oil inventory. Quality requires Robin, Petro's president, sign a personal guaranty to pay the debt if Petro defaults. Meanwhile, to sell fifty barrels of refined oil to Slick Lubricants, Inc., Petro asks its outside accountant Tina to co-sign a credit application.
-Refer to Fact Pattern 33-1.If Robin is a guarantor,then the guaranty is required to be in writing because of 

• A) ​the debtor's right of redemption. 
• B) ​the co-signer's right of contribution. 
• C) ​the creditor's transfer of possession. 
• D) ​the Statute of Frauds.

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Definitions:

Sacred Spaces

Places designated for spiritual worship or religious rituals, which may include temples, churches, mosques, and other structures devoted to spiritual or ceremonial purposes.

Narrative Scenes

Artistic representations intended to tell a story, depicting events from literature, history, religion, or everyday life.

Brass Vessel

A container made of brass, an alloy of copper and zinc, used historically for various purposes, including cooking, storage, and religious rituals.

Abbasid Dynasty

The third of the Islamic caliphates to succeed the Islamic prophet Muhammad, ruling over the Islamic Empire from their capital in Baghdad from 750 to 1258 CE.