LAW EXAM 3 cuz
 |
LAW EXAM 3 cuz
Total Views: 10206
Teams This Deck Belongs To
Deck does not belong to any team.
Flashcard Deck Tags
Flashcard Review
Deck Author
 |
Others Studying this Deck
Free Flashcard From LAW EXAM 3 cuz
Question:
•contract
between the guarantor and the original
creditor.
•One
person agrees to answer for the debts or duties of another person.
Answer:
guaranty contract,
–Must
be in writing unless main purpose is to provide
pecuniary benefit to guarantor.
–E.g.,
company promises to pay debts of supplier, to keep supplier in business so that
it can obtain supplies for its own operations.
(14.4 and 14.5)