Oral Guarantee for Repaying Loans
John is president and sole shareholder of Photo, Inc. and wishes to borrow money, but to do so, the bank requires John to orally guarantee to repay the loan if Photo, Inc. cannot. John’s guarantee to repay is: a. unenforceable, because John did not sign any agreement b. enforceable, because in general, guarantee contracts do not need to be in writing c. unenforceable, because in general, guaranty contracts need to be in writing d. enforceable, because the main purpose of the loan and the guarantee was to benefit John.
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