Examlex
Name and discuss the two categories of warranties.
Right of Contribution
The right that allows a party who has paid more than their share of a joint obligation to recover the excess paid from other parties responsible for the obligation.
Cosureties
Parties who jointly agree to share the responsibility for someone else's obligation, typically in a surety bond or loan guarantee.
Surety
A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling a contract or making a payment.
Conditional Guarantors
Parties that agree to fulfill the obligations of a defaulting party under certain conditions specified in the agreement.
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