ETHICS CASE Questionable Values Produce Resignation at Goldman Sachs Allegations of serious impropriety and perhaps illegality surrounding Goldman Sachs’s contribution to the 2008 financial crisis have been well publicized. Allegations….
Can A-OK immediately demand payment from Jack’s Uncle Joe?
After graduating from high school, Jack Tern decided to become a truck driver. The A-OK Truck Driving Academy offered a two-week, intensive, one-on-one (instructor-student) course with training on two- and three-axle tractors and on 45-foot single and double trucks, for $4,000 cash. Because Jack had no money, A-OK agreed to take his written promise to pay the tuition fee in monthly installments of $130 for four years provided he could get a surety or guarantor to promise to pay if he defaulted. Jack’s Uncle Joe signed a guaranty agreement, and Jack enrolled and completed the course. After six months, however, he lost his job as a truck driver and could not continue making the monthly payments. Can A-OK immediately demand payment from Jack’s Uncle Joe?