Advise mrs bates of any action she may take against

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She has no business experience. Mrs. Bates has no income other than her pension but he does own her own home, which is valued at over $400,000. Norman convinces Mrs. Bates orrow money to enable him to buy a new hotel business, assuring her that the repayments will is responsibility, she just needs to sign the papers to 'back him up as guarantor' as the house is er name.

Mrs. Bates applies to a finance company for a loan of $250,000 to lend to Norman to buy the business. The finance company lends her the money, taking as security a mortgage over her ome. The loan documents are signed at the finance company's offices late at night without any
xplanation from the manager about their legal consequences or the consequences of non-ayment of the loan sum. The manager of the finance company refuses to allow her to take the apers away, nor does he suggest that she receive any independent legal advice.

Six months later, Norman's business fails and it is revealed that he made only one loan repayme he finance company is now threatening to sell Mrs. Bates home. Advise Mrs Bates of any action she may take against the finance company under common law contractual principles only.

Refer to the example in the Introduction to Studying Law section in your textbook (Flipbo Electronic Resource) on pages 9-10.

Reference no: EM133578989

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