Dina Asks Edie to Co-Sign a Credit Application So That

question 6

Multiple Choice

Dina asks Edie to co-sign a credit application so that she can borrow money and buy a truck from First Street Motors.If,after the loan agreement is signed,Dina agrees to a higher rate of interest without telling Edie,then Edie is

• A)discharged from the agreement.
• B)liable at the higher rate of interest.
• C)liable at the lower rate of interest.
• D)liable for the principal only.

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Definitions:

Administrative Agencies

Governmental bodies established to oversee and regulate specific activities or fields, often with the authority to enforce laws and create regulations within their purview.

Lawmaking Power

The authority or capability to formulate, pass, and enact laws, typically held by a legislative body or government.

Executive Administrative Agency

A government agency under the direct authority of the executive branch, responsible for implementing and enforcing laws and regulations.

Independent Agencies

Agencies of the United States federal government that are created by an act of Congress and are independent of the executive departments.