Bud Is Unable to Obtain a Loan Without Some Form

question 35

Essay

Bud is unable to obtain a loan without some form of additional reassurances. Bud comes to you for assistance. You are willing to help Bud, but you wish to protect yourself from liability as much as possible. Would you prefer a surety or a guaranty? The bank issuing the loan also wishes to protect itself as much as possible. Would the bank prefer a surety or guaranty? If your oral assurances are enough to solidify the loan, has a surety or guaranty been formed?

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Definitions:

Goods and Services

The wide range of tangible products and intangible activities that fulfill the needs or wants of consumers.

Corporate Cultures

Corporate cultures refer to the shared values, beliefs, and practices that characterize an organization, influencing its work environment and how employees interact.

Entrepreneur

Risk taker in the private enterprise system, a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.

Financial Success

The achievement of financial goals and stability, often measured by profit, revenue growth, and financial health.