A Collateral Promise Is an Undertaking to Be Primarily Liable

question 56

True/False

A collateral promise is an undertaking to be primarily liable for the principal debtor's debt.

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Definitions:

Mnemonic Devices

Tools that aid in the recall of information, using patterns, acronyms, or associations to help remember data.

Framing

The way information or issues are presented and the effect this presentation has on perception and decision-making.

Availability

In psychology, it refers to the ease with which a particular thought or memory can be accessed from memory, often influencing judgments and decision-making.

Representativeness

A cognitive heuristic where an individual categorizes a situation based on how similar it is to the typical case or to their standard representation of such a case.