________ is the term for contracts within the statute of frauds involving promises to pay a debt of another if the initial party fails to pay.
A) Promissory estoppel
B) Elementary promises
C) Debt reconciliation
D) Debtor's friend
E) Secondary obligation

Question

Quizplus · Accepted Answer

Secondary obligation refers to a situation where a party agrees to be responsible for the debt of another if the primary party does not fulfill their payment obligations. This type of agreement falls under the statute of frauds, which requires certain contracts to be in writing to be enforceable.

________ Is the Term for Contracts Within the Statute of Frauds