An Agreement Under Which One Party Agrees to Pay Drafts

question 44

Multiple Choice

An agreement under which one party agrees to pay drafts drawn by a creditor is called a: ______.

• A) contract of surety.
• B) guaranty contract.
• C) letter of credit.
• D) debtor's agreement.

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Definitions:

Distributed

In logic, refers to a term in a categorical proposition that is affirmed or denied of every member of the class it denotes.

Enthymeme

A rhetorical version of a syllogism missing one of the premises or the conclusion, but implied by the argument.

Validly Completed

Refers to a logical argument that is structured correctly and follows the principles of logic, thus leading to a true conclusion if the premises are true.

Distributed

In logic, refers to a term in a categorical proposition that is used to assert something about every member of the category it represents.