When One Person Agrees to Pay the Debt of Another

question 21

Multiple Choice

When one person agrees to pay the debt of another as a favor to that debtor,it is called

• A)promissory representation.
• B)a mutual promise.
• C)promissory estoppel.
• D)a collateral promise.

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Definitions:

Absolute Value

The non-negative value of a number without regard to its sign; essentially, it is the distance of a number from zero on the number line.

Slope

The measure of the steepness or incline of a line, representing the rate at which variables change relative to each other, often used in contexts like graphing economic functions.

Budget Line

A graphical representation showing the combination of two goods that can be purchased with a fixed amount of income, given their prices.

Budget Line

An illustration showing all the different ways two products can be acquired using a certain amount of money, assuming the prices do not change.