A(n)________ Refers to a Promise in Which One Person Agrees

question 12

Short Answer

A(n)________ refers to a promise in which one person agrees to answer for the debts or duties of another person.

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Definitions:

Delivery

The process of transferring an item from the seller to the buyer, or the act of fulfilling a contractual obligation or transferring ownership.

Payment Obligation

A legally binding commitment to pay a specified amount of money to another party under the terms of a contract or agreement.

Impossibility

A legal defense in contracts referring to situations where an unforeseen event makes it impossible for a party to fulfill their contractual obligations.

Remote Event

An occurrence that has a very low probability of happening, often considered insignificant in decision-making processes due to its unlikely nature.