Instructions: Please Define the Following Key Terms

question 23

Short Answer

Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-Avignon

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Definitions:

Guarantor

A person or entity that agrees to be responsible for another's debt or obligations if the original party fails to meet their responsibilities.

Guaranty

A legal commitment by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults.

Suretyship

A contractual agreement where a party (surety) agrees to be responsible for the debt or obligations of another party (principal) if that party fails to fulfill them.

Cosigner

an individual who agrees to be responsible for the repayment of a loan or debt if the primary borrower fails to pay.