Multiple Choice
Greg approaches a local dealer to buy a new car which costs $10,000.He wishes to seek finance to buy the car.The auto dealer asks for a co-signer as surety to sell the car on credit.Greg approaches his friend Claire to co-sign on the agreement.Claire agrees and becomes a surety for Greg's car.Which of the following is true in this case?
A) Claire is primarily liable for the payment.
B) Claire is secondarily liable for the payment.
C) Claire is liable only if the auto dealer has exhausted all other remedies.
D) Claire is not liable for the payment.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Wesley buys a house for $1,000,000.He puts
Q21: A security agreement refers to a written
Q22: Explain foreclosure sale with an example.
Q23: Financing statement refers to a document filed
Q24: The Revised Article 9 of the Uniform
Q27: A(n)_ is an arrangement in which a
Q28: The _ requires a mortgage or deed
Q29: Which of the following transactions occurs when
Q65: The _ prohibits deficiency judgments regarding certain
Q77: Which of the following is true of