Absence of an agreement to the contrary, Accounting Basics

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Absence of an agreement to the contrary

Carlos asked rick and perter to guarantee carlos debt to gord motors. Both Rick and Peter agree to act as sureties. The contract that all parties signed provides that ricks maximum liability is 30k and peters 20k. Carlos owes Gord Motors 20k and in default. Rick pays Gord Motors the entire amount. In the absence of an agreement to the contrary, Rick can recover from peter.

a 8k

b 12k

c.20k

d 0

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Accounting Basics: Absence of an agreement to the contrary

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Accounting Basics: Absence of an agreement to the contrary

Reference No:- TGS076914

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Absence of an agreement to the contrary

Reference No:- TGS076914

Recent Questions Asked Accounting Basics

Q : Applying factory overhead to production

Q : What is the amoount included in inventory

Q : Find estimated loss if quality characteristics under study

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