Elmer Agreed to Act as the Conditional Guarantor of Collection

question 1

Essay

Elmer agreed to act as the conditional guarantor of collection on a debt of $50,000 that Fred owed to Gloria. Fred paid Elmer a premium to serve as surety. If Fred defaults on the debt, what are Gloria's rights against Elmer?

---

Definitions:

Probability

A statistical concept that quantifies the chance of a given event occurring, often expressed as a ratio or percentage.

Cards

Pieces of thick, flat material, often made of paper or plastic, used for various games, information storage, or special occasions.

All Aces

A term often used to describe a situation, hand, or outcome that is the best possible under the circumstances.

Probability

A calculation of the chance of a certain event taking place, denoted by a number between 0 and 1.