Asked by

Darlyn Cervantes
on Nov 23, 2024

verifed

Verified

Joyce's son, Al, borrowed money from Verity Finance. He lost his job last month and has not made the latest payment on the debt. When Verity's collections department telephones, Joyce answers the phone. She agrees to make the payments if Al does not because she is worried about his state of mind due to his job loss. If Verity, without Joyce's knowledge, extends the time Al has to make the payments but increases the interest rate by ½%, because he explains about his job loss, they could no longer enforce Joyce's promise, regardless of whether or not it was in writing and signed by her.

Enforce Joyce's Promise

This phrase suggests taking legal or formal steps to ensure that an obligation or commitment made by someone named Joyce is fulfilled.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money.

Job Loss

The act of becoming unemployed due to reasons such as layoffs, company closure, or termination, often impacting the individual's income and livelihood.

  • Acquire insight into the essential criteria and conditions that underpin the formulation of contracts that are legally binding.
  • Determine the legal consequences of modifying a contract and the relevance of additional agreements or understandings.
verifed

Verified Answer

KM
Keisha MonroeNov 30, 2024
Final Answer:
Get Full Answer