Business, 10.07.2021 03:30 doggylover8655
Brian owns a parcel of land that is encumbered by a mortgage held by the First International Bank. Brian agrees to sell the land to Piercel for $350,000. Brian and Pierce together go to the First International Bank to discuss the sale and purchase with the banker. Brian, Pierce, and the banker sign an agreement stating that Pierce will assume the mortgage and that Brian will be discharged from all further liability on the mortgage. In this case:
a, the bank can collect from Brian if Plerce defaults.
b. the bank is a third party donee beneficiary,
c. the agreement among the three is a novation.
d. Brian is a third party beneficiary of the agreement between Pierce and the bank.
Answers: 3
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Brian owns a parcel of land that is encumbered by a mortgage held by the First International Bank. B...
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