Which of the following statements best defines a surety?
A) A person who is liable for the performance of another person's duty
B) A person who is not liable for the payment of a principal's debts
C) A person who makes a separate promise to be liable for the payment of a principal's debts
D) A person who is not entitled to be reimbursed by the principal
Correct Answer:
Verified
Q1: A guarantor is a person who:
A) joins
Q2: Forbearance is the method by which a
Q3: Under strict foreclosure, the creditor has the
Q4: There are only two parties to a
Q5: The basic rules of strict liability apply
Q7: Zahra agreed to act as surety for
Q8: The surety joins with the person who
Q9: Rita cosigned a promissory note for $500
Q10: Foreclosure proceedings are regulated by statute in
Q11: A guarantor does not join with the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents