Gabrielle Borrows $1,000 from Frank to Pay for School and Gives

question 12

Multiple Choice

Gabrielle borrows $1,000 from Frank to pay for school and gives Frank a note for that amount. Frank wants Gabrielle's father to sign as an accommodation party. Gabrielle's father signs below Gabrielle's signature on the fall of the note. Which of the following statements is true of this case?

• A) Only Gabrielle has primary liability as a maker.
• B) Only Gabrielle's father has primary liability as an accommodation maker.
• C) Gabrielle and her father have the same contractual liability.
• D) Gabrielle has primary liability, and her father has secondary liability.

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Definitions:

Self-serving Bias

A cognitive bias that leads individuals to attribute their successes to internal factors while attributing failures to external factors, enhancing their self-esteem.

Self-concept

An individual's perception and understanding of themselves, including traits, behaviors, and feelings.

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology.

Defense Mechanisms

Unconscious methods used to shield oneself from anxiety triggered by thoughts or feelings deemed unacceptable.