A Continuing Guarantee

question 105

Multiple Choice

A continuing guarantee

• A) allows a creditor to advance further funds without affecting the obligation of the guarantor to pay in the event of default.
• B) is a primary obligation of a third party to pay a debt along with a debtor.
• C) is a written commitment not to pursue a legal claim against another.
• D) is an equitable principle assuring that when security is repossessed, there will be a period of time during which the debtor can still make payment.
• E) allows a breaching party to pay an amount specified in a contract, rather than facing a lawsuit for damages.

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