Exam 24: Liability, defenses, and Discharge

Rhodes,a college student,wants to purchase a motorcycle on credit from Landier Motors.He does not have sufficient income or the credit history to justify the extension of credit to him alone.Rhodes asks his father to cosign a note to Landier Motors,which he does.What kind of liability does Rhodes's father come under?

Harold borrows $20,000 from Alex and signs a note promising to pay Alex this amount plus interest in one year.Alex negotiates the note to Reese,an HDC.Before the note is due,Harold declares bankruptcy.According to the discharge in bankruptcy defense,which of the following is true?

Stanley,who owes Milton money,indorses a draft to him with the term "without recourse." The instrument later is dishonored.What liability does Stanley have on the instrument?