Credit rating

Assignment Help Business Law and Ethics
Reference no: EM134007857

Question

Daniels bought a car from Caddy Cadillac Co. because his credit rating was poor, he had his brother act as surety for the loan to purchase the car. His brother signed the purchase contract on the line marked "buyer" and he signed on the line marked "co-buyer." The contract was assigned to GMAC. When a default occurred, GMAC repossessed the car, found it was a total loss and sued both brothers. However, they couldn't find Daniels, so they sued the brother who was the surety. The brother argued that he was a guarantor only, and thus, the bank first would have to proceed against his brother before it could proceed against him. GMAC argued that as the brother had signed the contract as a buyer, he was not a guarantor but a surety, and thus, the bank could proceed against him directly. Who is correct and why?

Reference no: EM134007857

Questions Cloud

The brother had signed the contract as buyer : The brother had signed the contract as a buyer, he was not a guarantor but a surety, and thus, the bank could proceed against him directly.
Law enforcement agencies use of technology : Contrast the focus of social media messaging and writing techniques according to law enforcement agencies use of technology
Handle the trial properly : Now that the trial date is only a month away, Peg has decided that she is too afraid that she might not handle the trial properly.
Harassment and sexual harassment : Harassment and sexual harassment are topics that have moved to the forefront in the last years.
Credit rating : Daniels bought a car from Caddy Cadillac Co. because his credit rating was poor, he had his brother act as surety for the loan to purchase the car.
Treaties or customary international law : Norms are not like treaties or customary international law because they are not legally enforceable.
What is the difference between crime and tort : What is the difference between a crime and a tort? Discuss Tennessee v. Garner. How did this decision affect policing policies?
Which constitutional rights are afforded to juveniles : Which constitutional rights are afforded to juveniles, including how the Fifth Amendment and protections against self-incrimination apply to young people.
Implied consent is given when one gets drivers license : Implied consent is given when one gets a driver's license. Think about not just the sample, but also any legal or physyical concerns in collecting and testing

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Legal environment of business caselet

The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..

  Business ethics & legal issues caselet

This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.

  Questions on business law and ethics

Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.

  Discuss the doctrine of ratification of pre-incorporation

With the aid of a decided cases, discuss the doctrine of ratification of pre-incorporation contract.

  Discuss the extent of phoenixing activity

It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.

  Application of law to facts

Company Law, Application of Law to Facts and Conclusion.

  Question on business law and ethics

This assignment related to business law.

  Questions on business law

Answer all the questions under business law.

  Iidentify the issue raised by the facts

Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.

  Evaluation of software development

Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.

  Business value and ethics

Business value and ethics,  Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..

  Explain what is meant by income by ordinary concepts

Advise what tax consequences arise in respect of the payments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd