Village Bank Believed That Spencer and Nadia Were Partners in an E-Business.Spencer

question 26

Essay

Village Bank believed that Spencer and Nadia were partners in an e-business.Spencer and Nadia were not partners.Spencer owned the business as a sole proprietor.Nadia,however,was a close friend of Spencer.When Spencer visited Village Bank in an effort to obtain a $10,000 loan,Nadia went with him.During the conversation with the banker,Spencer referred to Nadia as "my partner." Village Bank made the business loan believing that Spencer and Nadia were partners.Spencer defaulted on the loan.Village Bank claims that both Spencer and Nadia are liable on the loan.Will Nadia be liable on the loan?

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Definitions:

Cognitive Errors

Mistakes in reasoning, evaluating, remembering, or other cognitive processes that can lead to inaccurate judgments or decisions.

Social Phobias

Intense anxiety or fear of being judged, negatively evaluated, or rejected in a social or performance situation.

Animal Phobias

Intense, irrational fears of certain animals, which can cause considerable anxiety and avoidance behaviors in affected individuals.

Situational Phobias

Anxiety disorders characterized by an intense, irrational fear of certain situations, activities, or objects that poses little to no actual danger.