Fact Pattern 28-1B

question 45

Multiple Choice

Fact Pattern 28-1B
Beta Software Corporation is a new company that needs to borrow money to meet its payroll. Cliff, president and owner of Beta, asks First National Bank to loan Beta the funds.
-Refer to Fact Pattern 28-1B. Generally, for a contract between First National and Cliff with respect to liability for Beta's loan to be enforceable, it must be in writing if Cliff is

• A) a guarantor and a surety.
• B) a guarantor only.
• C) a surety only.
• D) neither a guarantor nor a surety.

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Definitions:

Emancipation

The act of freeing individuals from slavery or servitude.

White Northerners

Individuals from the northern United States, typically associated with specific historical, cultural, or political contexts.

Civil War

A major conflict within a country or between factions within a country, often characterized by a struggle for power, territory, or ideological change.

Thirteenth Amendment

An amendment to the U.S. Constitution, adopted in 1865, that abolished slavery and involuntary servitude, except as punishment for a crime.