Which of the following statements is true regarding a guarantor?
A)In order to be a guarantor,a person must enter into a deed of trust with the principal debtor.
B)A guarantor is primarily liable for the debt along with the principal debtor.
C)Generally,a guarantor's promise must be made in writing to be enforceable under the statute of frauds.
D)A guarantor joins the principal debtor in making a promise.

Question

Quizplus · Accepted Answer

In general,a guarantor's promise must be made in writing to be enforceable under the statute of frauds.A guarantor does not join the principal in making a promise;rather,a guarantor makes a separate promise and agrees to be liable upon the happening of a certain event.While a surety is primarily liable,a guarantor is secondarily liable for the debt.

Which of the Following Statements Is True Regarding a Guarantor