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Author Question: A proxy is revocable to the same extent as an agency. Indicate whether the statement is true or ... (Read 52 times)

jwb375

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on: Jun 24, 2018
A proxy is revocable to the same extent as an agency.
  Indicate whether the statement is true or false

Question 2

Brice owns a parcel of land that is encumbered by a mortgage held by the First National Bank. Brice agrees to sell the land to Paul for 50,000. Brice and Paul together go to the First National Bank to discuss the sale and purchase with the banker. Brice, Paul, and the banker sign an agreement stating that Paul will assume the mortgage and that Brice will be discharged from all further liability on the mortgage. In this case:
 A) the bank is a third party donee beneficiary.
  B) the bank can collect from Brice if Paul defaults.
  C) Brice is a third party beneficiary of the agreement between Paul and the bank.
  D) the agreement among the three is a novation.


coreycathey

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Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

D


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