Question Details

(solution) Rashi is a student at State University. In need of funds to pay


Rashi is a student at State University. In need of funds to pay for tuition and books, Rashi asks Tiempo Loans, Inc., fora short-term loan. The lender agrees to make a loan if Rashi will have someone who is financially responsible guaranteethe loan payments. Umberto, a well-known businessperson and a friend of Rashi?s family, calls Tiempo and agrees to paythe loan if Rashi cannot. Because of Umberto?s reputation, the loan is made. Rashi is making the payments, but because ofillness he is unable to work for one month. He asks Tiempo to extend the loan for three months. The lender agrees, raisingthe interest rate for the extended period. Umberto is not notified of the extension (and thus does not consent to it). Onemonth later, Rashi drops out of school. All attempts to collect the remainder of the loan from Rashi fail. Can Tiempoassert a claim against Umberto on the debt?


Answer

 

Tiempo cannot assert a claim against Umberto on the debt. This is because basing on the law of

 

contract; Umberto is not liable because he was not informed of the extension made on the...

 

Solution details:
Get this solution for only: $
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 13, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now