Burger borrowed 10000 on a three-year term from valley, Management Theories

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Burger borrowed 10000 on a three-year term from valley

Question: Burger borrowed $10,000 on a three-year term from Valley National Bank. Burger's uncle signed as guarantor of the loan. At the end of the three years, Burger requested that the bank extend the loan for an additional three years and the bank agreed. Burger's uncle was never notified of the loan extension. Is Burger's uncle relieved from liability as guarantor of the loan?

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