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

question 3

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,after the loan agreement is signed,Slick agrees to a higher rate of interest without telling Tina,then Tina is 

• A) ​discharged from the agreement. 
• B) ​liable at the higher rate of interest. 
• C) ​liable at the lower rate of interest. 
• D) ​liable for the principal only.

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Special Function

A unique or specific role, activity, or responsibility assigned to a person, group, or thing.

Sentence Variety

The practice of varying the length, structure, and style of sentences within a piece of writing to enhance its readability and interest.

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