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Which person is likely to have said to the salesperson: "Mrs. Michaels, we've accepted your bid. I'll expect 48 boxes of ring shank nails to be delivered by January 16th, and we will pay the agreed-upon price of $21.74 per box."
Defaults
Failure to fulfill an obligation, especially failure to meet a financial obligation or to appear in a court of law.
Guarantor
An individual or organization that commits to taking on the debt or fulfilling the contract obligations of another party if that initial party does not uphold their responsibilities.
Subrogation
The legal process by which one party assumes the rights of another party to recover debts or damages paid on their behalf.
Surety
A surety refers to a person or entity that takes responsibility for another's performance of an undertaking, for example, guaranteeing the payment of a debt.
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