Discharge of a Surety Occurs

question 6

Multiple Choice

Discharge of a surety occurs:

• A) if the creditor extends the time of the debt with the consent of the surety.
• B) if the creditor extends the time of the debt without the consent of the surety for a consideration.
• C) in case of any reduction in the rate of interest.
• D) in the case of return of collateral security to the debtor.

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Definitions:

Contract Exist

The state in which an agreement has the necessary elements of offer, acceptance, and consideration, making it legally enforceable.

Merchant Offeror

A seller or provider of goods and services who presents an offer in a commercial transaction, especially one with expertise or professional standing in the transaction's subject matter.

Firm Offer

an offer in contract law that remains valid for a certain period of time and cannot be withdrawn during that period by the offeror.

Written Offer

A formal proposal presented in written form, detailing the terms under which the offeror is willing to engage in a transaction or agreement.