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Consider the following code snippet: Which of the following statements is correct?
Statute of Frauds
A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged.
Deed of Trust
A legal document in some states that involves a borrower, lender, and a trustee, securing a real estate transaction as collateral for a loan.
Surety
A person or entity that takes responsibility for the performance of another's obligations, such as fulfilling the terms of a contract or repaying a loan.
Guarantor
An individual or entity that agrees to be responsible for another's debt or obligations if the original party fails to meet their commitments.
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