Case Problem:
Pamela Darden owed Clark $50,000 on an unsecured loan. On May 1, Pamela approached Clark for an additional loan of $30,000. Clark agreed to make the loan only if Pamela could obtain a surety. On May 5, Simpson agreed to be a surety on the $30,000 loan, which was granted that day. Both loans were due on October 1. On June 15, Pamela sent $10,000 to Clark but did not provide any instructions.
a. What are Clark’s rights?
b. What are Simpson’s rights?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.