A Surety Is a Person Who Is Liable for the Payment

question 17

True/False

A surety is a person who is liable for the payment of another person's debt.

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Definitions:

Lease Option

A contract that permits a party to lease real property while holding an option to purchase that property.

Real Property

Land and anything permanently attached to it, such as buildings and structures, considered immovable.

Option Contract

A contract granting the option holder the right, but not the obligation, to buy or sell an asset at a predetermined price within a specified time period.

Legal Consideration

Something of value that is promised in exchange for performing an act or refraining from acting, forming a necessary element of a valid contract.