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The application of legal principles in business

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Reference no: EM133514503

The Application of Legal Principles in Business - Contract and Consumer Law" by Penelope McCann, 2nd Edition.

I didn't find the course so selected TAFE. I am enrolled with Applied education, Australia.

Fair Shake Sauce Pty Ltd (Fair Shake) is a client of the firm who has recently sought to increase the operational finances of its business.

Fair Shake is a wholly owned subsidiary of Big Red Ltd.

Fair Shake has approached Global Domination Bank (the Bank) for a loan to modernise its plant. The Bank requests a guarantee from both Fair Shake and Big Red Ltd for the loan monies.

Fair Shake provides the guarantee, but Big Red does not, instead providing them with a letter containing the following paragraph:

"It is our policy to ensure that the business of Fair Shake Sauce Pty Ltd is at all times in a position to meet its liabilities to you under the loan arrangements".

QUESTION 1

If Fair Shake were to default on both the loan and the guarantee, would the Bank be successful in holding Big Red liable for the debt? Why or why not?

Reference no: EM133514503

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