Carlos owes gord motors 20k and in default. rick pays gord, Ask an Expert

Accounting

Carlos asked rick and perter to guarantee carlos debt to gord motors. Both Rick and Peter agree to act as sureties. The contract that all parties signed provides that ricks maximum liability is 30k and peters 20k. Carlos owes Gord Motors 20k and in default. Rick pays Gord Motors the entire amount. In the absence of an agreement to the contrary, Rick can recover from peter.

a) 8k

b) 12k

c) 20k

d) 0

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436252

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