Question 1 jordan bought a boat from act marine on credit, Ask an Expert

Management Studies

Question: 1. Jordan bought a boat from Act Marine on credit and signed a security agreement. Act failed to file the agreement or a financing statement. May Jordan refuse to pay the balance due on the grounds that the security agreement is invalid?

2. Young agreed to act as guarantor for a loan made to his sister. The guaranty was made orally over the telephone. Is Young bound by the guaranty?

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