Q8 Which of the following statements, regarding bailment in banking, are correct? Q9 In the formation of a loan contract, what does the bank's sanction letter legally represent? Q10 Banks often use a contract of indemnity, to protect themselves from loss. Which of the following is NOT a typical situation, where a bank would take an indemnity? Q11 In a standard bank loan guarantee, who are the three parties involved? Q12 In a contract of guarantee, the surety's liability is …… with that of the principal debtor, meaning the bank can recover the debt from the guarantor without first exhausting all remedies against the borrower. Q13 Consider the following statements: Q14 For a continuing guarantee, such as one covering a Cash Credit (CC) or Overdraft (OD) limit, which event will revoke the guarantee for all future transactions?