Asked by
Serena Bassil
on Nov 23, 2024
Verified
A collateral agreement is defined as an agreement that has its own consideration and does not support another agreement.
Collateral Agreement
A secondary contract that supports the performance of obligations in a primary contract, often by providing for a security interest in assets.
Consideration
Something of value exchanged between parties in a contract, which is necessary for the agreement to be legally binding.
- Gain an understanding of the core principles and prerequisites for the creation of contracts with legal obligation.
Verified Answer
AS
Learning Objectives
- Gain an understanding of the core principles and prerequisites for the creation of contracts with legal obligation.