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.