Examlex
Which of the following statements is accurate?
Verbal Agreement
An oral contract that is formed through spoken communication rather than in writing, though its legal enforceability varies by jurisdiction.
Guarantee
A collateral promise (in writing) to answer for the debt of another (the principal debtor) if the debtor should default in payment.
Demand for Payment
A formal request issued by a creditor to a debtor requiring payment of an outstanding debt by a specific date.
Guarantee
A formal assurance or promise, typically in writing, that certain conditions will be fulfilled, including the quality and durability of a product or service.
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