Lou and David Have an Executory Contract That Is Supposed

question 61

True/False

Lou and David have an executory contract that is supposed to be performed on June 1.On May 1,David indicates that he has no intention of performing the contract as agreed.Lou must wait until June 1 before he can pursue any remedies for breach of contract against David.

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Definitions:

Surety

A guarantee, typically by a third party, ensuring the fulfillment of an obligation or the performance of a contract.

Guarantor

An individual or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.

Lienholder's Claim

The right of a creditor to retain possession of a debtor's property until the debt is settled.

Type Of Lien

Legal claim or hold on property as security for payment of a debt or fulfillment of some obligation.