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Question
Smartt Software Company borrows $10,000 from Term "˜N All Loans, Inc., but cannot repay the loan when it comes due. Term "˜N All refuses to extend the time for repayment unless Smartt can provide an acceptable surety. Uno Venture Corporation agrees to act as a surety for the loan after Smartt offers the firm a discount on software and shows Uno financial statements, compiled with Term "˜N All's assistance, that misrepresent Smartt's financial situation. Later, after Uno uses the discount to buy software, Smartt again defaults on repayment of the loan, and Term "˜N All files a suit against Uno to collect the amount of the debt. Is Uno liable? Why or why not?Answer
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