Which of the following is a term for contracts within the statute of frauds involving promises to pay a debt of another if the initial party fails to pay?
A) Secondary obligations
B) Primary promises
C) Primary debts
D) Third-party debts
E) Commercial promises

Question

Quizplus · Accepted Answer

A secondary obligation occurs when a party outside a primary agreement promises to fulfill one of the original party's (primary debtor's) obligations if the original party fails to fulfill it.

Which of the Following Is a Term for Contracts Within