Q) Mona co-signs a promissory note with her daughter Beth so Beth can purchase h
ID: 1111098 • Letter: Q
Question
Q) Mona co-signs a promissory note with her daughter Beth so Beth can purchase her first car. Mona will be discharged from her obligation on the note:
If Beth pays the obligation in full under the terms of the note.
Only if Mona pays half of the value of the note.
When Beth turns 18.
Only if Mona dies before Beth’s obligation is discharged.
Q) A principle that creates a contract out of fairness and justice, even though the contract elements are not present is called:
Perfect Tender.
Mailbox Rule.
Utilitarian.
Quasi Contract.
Q) Mona co-signs a promissory note with her daughter Beth so Beth can purchase her first car. Mona will be discharged from her obligation on the note:
If Beth pays the obligation in full under the terms of the note.
Only if Mona pays half of the value of the note.
When Beth turns 18.
Only if Mona dies before Beth’s obligation is discharged.
If Beth pays the obligation in full under the terms of the note.
Only if Mona pays half of the value of the note.
Explanation / Answer
(i) If Beth pays the obligation in full under the terms of the note.
(Since Mona has signed the promissory note along with Beth, she is also liable until the full obligation is fulfilled)
(iv) Quasi contract.
(These are certain relations resembling those created by contracts in which there is no contract between the two parties)
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