Multiple Choice
Fact Pattern 29-1
Petro Oil Refinery asks Quality Bank for a loan to increase its oil inventory. Quality requires Robin, Petro's president, sign a personal guaranty to pay the debt if Petro defaults. Meanwhile, to sell fifty barrels of refined oil to Slick Lubricants, Inc., Petro asks its outside accountant Tina to co-sign a credit application.
-Refer to Fact Pattern 29-1. If Tina signs the application only after language is included that requires Petro to exhaust its legal remedies against Slick before looking to her, then Tina is
A) a surety.
B) a lienor.
C) a guarantor.
D) a creditor.
Correct Answer:

Verified
Correct Answer:
Verified
Q53: The roof in Rosalyn's house springs a
Q54: Portia owes Bjorn $500 on their roof
Q55: An artisan's lien is effective only if
Q56: A creditor must exhaust all legal remedies
Q57: In a suretyship relationship, a third person's
Q59: An artisan's lien is a security device
Q60: Fact Pattern 29-2<br>Robin's home is in a
Q61: A guarantor can be required to pay
Q62: In a few states, statutes allow the
Q63: A surety is primarily liable for the