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Question
Big Bank is a major creditor of Bonwill Department Store. After a major loss in profits due to poor holiday sales, Big Bank decides to help keep Bonwill from bankruptcy. Big bank orally promises Mary Tudor, a supplier to Bonwills, that it will guarantee Bonwill's payment for goods that Mary sells to Bonwill. Most likely, Big Bank's oral agreement:
A. is unenforceable under the statute of frauds.
B. is unenforceable because it is a collateral contract.
C. is enforceable under the "main purpose" or "leading object" exception to the statute.
D. is enforceable because a collateral contract is not covered under the statute of frauds.
Answer
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