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14 Feb 2019
Bobco needs $250,000 to pay its suppliers otherwise they will stop shipping and Bobco will fail. He calls Ambank. Bob, the president of Bobco explains his situation and they offer him a loan at 19% interest and he has to pledge his house as collateral. Bobco fails to repay the loan on time and Ambank sues to foreclose on Bob's house. The court will void the contract because it was signed under duress.
True or False?
Bobco needs $250,000 to pay its suppliers otherwise they will stop shipping and Bobco will fail. He calls Ambank. Bob, the president of Bobco explains his situation and they offer him a loan at 19% interest and he has to pledge his house as collateral. Bobco fails to repay the loan on time and Ambank sues to foreclose on Bob's house. The court will void the contract because it was signed under duress.
True or False?
Jarrod RobelLv2
15 Feb 2019
