Business, 12.04.2021 19:40 markleal9484

Darrell owns a parcel of land that he purchased by obtaining a loan from the First National Bank, and the loan has not been paid off yet. Darrell agrees to sell the land to Paul for $50,000. Darrell and Paul together go to the First National Bank to discuss the sale and purchase with the banker. Darrell, Paul, and the banker sign an agreement stating that Paul will assume the mortgage and that Darrell will be discharged from all further liability on the mortgage. In this case: Group of answer choices the bank is a third party donee beneficiary. Darrell is a third party beneficiary of the agreement between Paul and the bank. the bank can collect from Darrell if Paul defaults. the agreement among the three is a novation.

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Darrell owns a parcel of land that he purchased by obtaining a loan from the First National Bank, an...

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