Question

Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory. Estimable requires Flair, Dollar Value's president, to sign a personal guaranty to pay the debt if Dollar Value defaults. Meanwhile, to buy a pick-up truck from Dollar Value, Gina asks Harper to co-sign a credit application. If Flair is a guarantor, then the guaranty is required to be in writing because of

Answer 1

Answer:

Because of the Statute of Frauds

Explanation:

Dollar Value Motors asks Estimable Bank for a loan to increase its vehicle inventory. Estimable requires Flair, Dollar Value's president, to sign a personal guaranty to pay the debt if Dollar Value defaults. Meanwhile, to buy a pick-up truck from Dollar Value, Gina asks Harper to co-sign a credit application. If Flair is a guarantor, then the guaranty is required to be in writing because of THE STATUTE OF FRAUDS