The Difference Between a Guarantee and an Indemnity Is That

question 74

Multiple Choice

The difference between a guarantee and an indemnity is that

• A)indemnities need to be in writing to be enforceable.
• B)a guarantee is a conditional promise whereas an indemnity is not.
• C)a guarantee is a promise to assume another's debt.
• D)the Statute of Frauds applied only to indemnities.
• E)a guarantee is given to a bank and an indemnity to a party that is not a bank.

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Definitions:

Experiential Intelligence

Intelligence derived from personal experiences and the capacity to apply knowledge gained from those experiences in practical settings.

Contextual Knowledge

Understanding that is shaped by the circumstances or context in which it is encountered, influencing how information is interpreted and applied.

Scholastic Aptitude Test

A standardized test commonly used for college admissions in the United States, measuring reading, writing, and mathematical reasoning skills.

Moral Reasoning

The process of determining what is right or wrong in a given situation based on ethical principles and moral values.