Asked by
Lea's Stories
on Dec 18, 2024Verified
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. Verity must first try to get the money from Al before approaching Joyce.
Debt Collection
The process of pursuing payments of debts owed by individuals or businesses.
Job Loss
The act of losing one's employment, often due to layoffs, company downsizing, or termination.
- Understand the principles of guarantees and the obligations of cosigning, along with their lawful enforceability.
Verified Answer
OW
Learning Objectives
- Understand the principles of guarantees and the obligations of cosigning, along with their lawful enforceability.