When the Consideration Given in Exchange for the Collateral Promise

question 43

Multiple Choice

When the consideration given in exchange for the collateral promise is something the guarantor seeks primarily for his own benefit rather than for the benefit of the primary debtor,the contract:

• A)is the opposite of an original contract.
• B)is considered void.
• C)is outside the statute of frauds.
• D)needs to be in writing.

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Definitions:

Trimmed Mean

A measure of central tendency calculated by removing a certain percentage of the largest and smallest values from a dataset before averaging the remaining data.

Geometric Mean

The central tendency of a set of numbers, calculated by taking the nth root of the product of n numbers, useful for sets of positive numbers.

Measure Of

A general term for a quantitative indicator used to assess or evaluate a specific attribute or property.

Geometric Mean

The central tendency of a set of numbers that is calculated by taking the nth root (where n is the count of numbers) of the product of the values.