Asked by
Ibtisam El-Shahat
on Nov 30, 2024
Verified
The promise of a surety is binding even without consideration.
Surety
A financial arrangement where a third party (surety) agrees to assume responsibility for the debt or obligation of another party if that party fails to meet their obligations.
Consideration
The value (such as money, services, or goods) promised in a contract which motivates a party to enter into the agreement.
- Discern the separate responsibilities and obligations of a principal debtor, surety, and creditor in assurance agreements.
Verified Answer
AS
Learning Objectives
- Discern the separate responsibilities and obligations of a principal debtor, surety, and creditor in assurance agreements.
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