COMM 393 Lecture Notes - Lecture 6: Loan Guarantee
Document Summary
Is there a contract? (6 sub issues: see below) 2 contracts in bc that must be in writing to be enforceable (p55 of supplement: law + equity act) Contracts for lands, mortgages, leases for more than 3 years. Personal guarantee: i. e. bank promises to lend you money and you promise to pay it back. If you don"t pay back the loan, she will. Presumed to exist in a business context. Intent is not presumed in a context between close friends/ family members . If intent is being rebutted: the court asks, (law, carlil v. Carbolic smoke ball 1893), would a reasonable person looking at the outward conduct of the parties say they showed intent? (to be band by promises) . Proposal: the court looks for clarity on at least 3 terms (can be oral or written -> the form is not important)
