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Question
Brie is a student at Collegiate University. In need of funds to pay for tuition and books, Brie asks Dependable Bank for a short-term loan. The bank agrees to make a loan if Brie will have someone who is financially responsible guarantee the loan payments. Esperanza, a well-known businessperson and a friend of Brie's family, calls the bank and agrees to pay the loan if Brie cannot. Because of Esperanza's reputation, the loan is made. Brie is making the payments, but because of illness she is unable to work for one month. She asks Dependable extend the loan for three months. The bank agrees, raising the interest rate for the extended period. Esperanza is not notified of the extension (and thus does not consent to it). One month later, Brie drops out of school. All attempts to collect the remainder of the loan from Brie fail. Can Dependable assert a claim against Esperanza on the debt?Answer
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