Catherine Romanov was a loan officer who needed one last loan to make her quota for the month.  Yvonne Gunner, who was only a freshman in college, walked in one day for a loan for a new software business she was starting.  She had never dealt with banks before and did not understand the nuances of loans but asked very good questions.  Ms. Romanov, however, was ruthless and intentionally did not answer the questions accurately.  Had Ms. Gunner received accurate answers to her questions, she would not have taken the loan.  After six months, Ms. Gunner defaulted on the loan, and the bank pursued her for payment.    Does Ms. Gunner have any remedies?

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter1: An Introduction To Taxation And Understanding The Federal Tax Law
Section: Chapter Questions
Problem 14DQ
icon
Related questions
Question

Catherine Romanov was a loan officer who needed one last loan to make her quota for the month.  Yvonne Gunner, who was only a freshman in college, walked in one day for a loan for a new software business she was starting.  She had never dealt with banks before and did not understand the nuances of loans but asked very good questions.  Ms. Romanov, however, was ruthless and intentionally did not answer the questions accurately.  Had Ms. Gunner received accurate answers to her questions, she would not have taken the loan.  After six months, Ms. Gunner defaulted on the loan, and the bank pursued her for payment. 

 

Does Ms. Gunner have any remedies?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Ethical Decision Making
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Business Its Legal Ethical & Global Environment
Business Its Legal Ethical & Global Environment
Accounting
ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub