You financed a treadmill at a local store. The department store uses a third party creditor...
Homework Answers
The entity who financed a treadmill at a local store, is in the position of a guarantor. And the contract of guarantee between the surety and the creditor ( department store) is not independent of the underlying contract between the creditor and the debtor ( customer ).
When you, the principal debtor, tried using the treadmill, it malfunctioned, and did not work. Therefore, it is a defective product, and falls within the product liability laws. You are not liable to pay for a defective product. Simply return it to the store, and your contract with the store is discharged by breach. As the underlying contract between the principal debtor and the creditor has come to an end, the guarantor too is released from the contract of guarantee, This is so because the liability of the surety is co-extensive with that of the principal debtor. If the debtor has been discharged from liability, the surety too would be so discharged.
Therefore, until the situation is resolved between the store and the customer, you as the surety are need not pay.
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