A collateral promise is one in which the promisor agrees to be primarily liable for the principal debtor's obligation.

Name: A collateral promise is one in which the promisor agrees to be primarily liable for the principal debtor's obligation.
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A collateral promise involves a promisor agreeing to be secondarily liable, meaning they will fulfill the obligation only if the principal debtor fails to do so.

A Collateral Promise Is One in Which the Promisor Agrees