A Surety Is Liable from the Moment the Principal Is

question 45

True/False

A surety is liable from the moment the principal is in default.

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Definitions:

Merchant Capitalism

An economic phase in which merchants' wealth is accumulated through trade and the exploitation of international commerce, often preceding industrial capitalism.

Commercial Use

The exploitation of products, services, or activities with the primary goal of generating profit and economic growth.

Seafaring Trade

The exchange of goods and services across the seas and oceans, requiring navigational and maritime skills developed throughout human history.

Informal Economy

Economic activities that occur outside of formal regulatory frameworks, often lacking in legal protection and involving cash-based transactions.