In a Contract for Suretyship, the Borrower or Debtor Is

question 428

Multiple Choice

In a contract for suretyship, the borrower or debtor is referred to as the:

• A) de facto debtor
• B) borrowee
• C) principal
• D) surety
• E) guarantor

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Definitions:

Reasonable Person

A legal standard used to determine how an average person would responsibly act in certain circumstances.

Duty

A legal or moral obligation to act or refrain from acting in a certain way.

Standard

A set of established criteria, guidelines, or definitions used to measure or compare the quality, quantity, or value of products, services, or practices.

Duty of Care

A responsibility mandated by law, compelling a person to maintain a level of carefulness in behaviors that might predictably injure others.