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Question
Matrix, Inc. is the general mortgage contractor of a large commercial building project. They subcontracted with Acme Flooring, Inc. to have flooring installed throughout the building. When Matrix failed to make payments to Acme as agreed, Acme stopped working. Commercial Bank, the lender for the project, orally promised Acme that Commercial would pay whatever Matrix failed to pay Acme if Acme would resume work. Acme finished the flooring but was still not paid. Which of the following is true under the Statute of Frauds?
A. Commercial Bank is not obliged to pay Acme as the promise must be written and signed.
B. Commercial Bank's promise enhanced its mortgage interest, hence it to should pay Acme.
C. Commercial Bank is not obliged to pay to Acme since Matrix was not a party to its promise.
D. Commercial Bank's promise did not involve the actual lending of money.
Answer
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