Arizona State University FIN FIN MISC Question 14 1 pts Wilhelm owned a small bakery and several retail customers owed him a lot of money. Wilhelm sold those obligations to another rm, in…

Arizona State University FIN FIN MISC Question 14 1 pts Wilhelm owned a small bakery and several retail customers owed him a lot of money. Wilhelm sold those obligations to another rm, in…

Hellen has a small grocery business. He decides to incorporate, and creates Ahmed’s Groceries Ltd., and runs the business through the corporation. The business needs a loan, so Ahmed goes to Big Bank to ask for a loan on behalf of Ahmed’s Groceries Ltd. Big Bank agrees to lend Ahmed’s Groceries Ltd. $50,000. Ahmed agrees to the loan on behalf of the borrower, Ahmed’s Groceries Ltd.

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After about a year, business is slow, and Ahmed’s Groceries Ltd. is unable to pay its debts, including the money owed to Big Bank. Ahmed’s Groceries Ltd. runs completely out of money, and goes bankrupt. Ahmed’s Groceries Ltd. has no money available to pay Big Bank. Ahmed, however, is quite rich, and could afford to pay the $50,000 back to Big Bank.

Is Ahmed legally required to pay the money back to Big Bank? (10 marks)

this is business law question. i need answer about Explanation of applicable rules and cases

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