A Guarantee Must Be Supported by Consideration, Just Like Any

question 91

Essay

A guarantee must be supported by consideration, just like any other contractual obligation. Explain what consideration is present when one person guarantees the debt of another.

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Definitions:

Voidable

A contract or act that is voidable can be legally declared invalid by one of the parties involved, often due to reasons such as fraud or coercion.

Implied-In-Law

A legal term referring to rights or obligations that are enforced by a court, not because of an agreement or contract, but to avoid injustice.

Implied-In-Fact

A contract formed by the circumstances or conduct of the parties involved, rather than written or spoken words.

Uniform Commercial Code

A broad collection of legislative measures governing every aspect of commerce in the United States.