John is president and sole shareholder of Photo, Inc. Photo, Inc. wishes to borrow money, but to do so, the bank requires John to orally guarantee

John is president and sole shareholder of Photo, Inc. Photo, Inc. 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 guaranty to repay is:

A. Unenforceable, because John did not sign any agreement.

B. Unenforceable, because in general, guaranty contracts need to be in writing.

C. Enforceable, because the main purpose of the loan and the guarantee was to benefit John.

D. Enforceable, because in general, guaranty contracts do not need to be in writing.

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LAW531 LAW/531 LAW 531 Final Exam

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