Which of the Following Is Correct Concerning Suretyship and Guaranty

question 15

Multiple Choice

Which of the following is correct concerning suretyship and guaranty?

• A) A surety is always liable from the moment the principal is in default.
• B) A guarantor is always liable from the moment the principal is in default
• C) Both a.and b.
• D) None of the above.

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Definitions:

Technological Change

The innovation or adoption of new or improved technologies, which can enhance productivity, efficiency, and quality of life.

Low Unemployment

A situation where a very small percentage of the labor force is not engaged in gainful employment, indicating a healthy economy.

Protective Tariffs

Duties charged on imports to defend local sectors from international rivals by elevating the prices of goods from abroad.

Manufactured Goods

Products that have been processed or transformed from raw materials into finished items through the use of machinery or human effort.