A(n)________ Is an Arrangement in Which a Third Party Promises

question 27

Multiple Choice

A(n) ________ is an arrangement in which a third party promises to be secondarily liable for the payment of another's debt.

• A) insolvency arrangement
• B) surety arrangement
• C) guaranty arrangement
• D) accommodation

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Definitions:

Persuasive Precedents

Legal decisions from other jurisdictions or lower courts that may influence a court’s decision, though not binding.

Doctrine of Stability

A legal principle that aims to maintain long-term contracts or agreements to ensure reliability and predictability in business or international relations.

Constitutions

Constitutions are fundamental principles or precedents according to which a state or other organization is acknowledged to be governed.

Statutes

Laws enacted by legislative bodies at any level of government.