Final answer:
When two people cosign a note that requires joint and several liability, it means that they are both legally responsible for repaying the entire amount of the loan if the original borrower fails to do so.
Step-by-step explanation:
When two people cosign a note that requires joint and several liability, it means that they are both legally responsible for repaying the entire amount of the loan if the original borrower fails to do so. This means that if one person cannot make the payments, the other person is obligated to pay the full amount, regardless of their individual contribution to the loan. For example, if two individuals cosign a car loan and one person stops making payments, the other person will be held responsible for repaying the full loan amount.