James Has Taken a Loan of $10,000 from a Bank

question 53

Multiple Choice

James has taken a loan of $10,000 from a bank with Julia and Robert as his sureties. However when the money becomes due, James is unable to pay the amount. Robert, as one of James' sureties, pays the entire amount to the bank. Robert, now, has the right to receive a proportionate share of this obligation from Julia. This right is known as the right of ___.

• A) reimbursement
• B) exoneration
• C) contribution
• D) subrogation

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Definitions:

Group Situation

A scenario in which individuals are interacting or working together in a shared or common space, often towards a shared goal.

Cross-Cultural Analyses

The examination and comparison of different cultural practices, beliefs, and values, aiming to identify patterns and differences across cultures.

GLOBE Researchers

Scholars involved in the Global Leadership and Organizational Behavior Effectiveness research program, studying how culture influences societal and organizational practices.

Implicit Leadership

The automatic, unconscious assumptions and expectations about the traits and behaviors that characterize an effective leader.