Which of the Following Is an Exception to the Suretyship

question 47

Multiple Choice

Which of the following is an exception to the suretyship provision requirement under the statute of frauds?

• A) A collateral promise made to the creditor
• B) A promise,the leading object of which is to obtain an economic benefit for oneself
• C) A collateral promise where there are three parties and two contracts involved
• D) A promise by an executor to pay the debts of the decedent from the executor's own funds

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Definitions:

Marginal Revenue

The incremental revenue earned by selling one more unit of a good or service.

Inelastic

Describing demand or supply that is relatively unresponsive to price changes, meaning the percentage change in quantity is less than the percentage change in price.

Zero Production Costs

The hypothetical situation in which a good or service can be produced with no expenditure or effort, leading to an unlimited supply.

Profit-Maximizing Monopolist

A monopolist that sets its output and price levels to achieve the highest possible profit, given its unique position as the sole supplier in the market.