An Accommodation Party May Sign an Instrument Guaranteeing Collection Rather

question 121

Multiple Choice

An accommodation party may sign an instrument guaranteeing collection rather than payment of an instrument.In this situation,the accommodation party is ________ liable on the instrument.

• A) primarily
• B) secondarily
• C) unconditionally
• D) never
• E) exclusively

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Definitions:

Patent

A legal document granted by the government giving an inventor exclusive rights to make, use, or sell an invention for a specified number of years.

Imitation

The act of copying or mimicking the products, services, or processes of competitors, often seen as a strategy to gain market share without incurring development costs.

Direct Imitation

The process of creating a product or service that closely mimics the features of an existing product or service.

Legal Expenses

Costs associated with legal services, advice, or representation.