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If the Surety Is Forced to Pay Off the Creditor

question 43

Multiple Choice

If the surety is forced to pay off the creditor, the surety steps into the shoes of the creditor. This is called _____ and confers upon the surety all the rights the creditor has against the debtor.


Definitions:

Demand Curve

A chart that displays how the cost of a product affects the amount consumers want to buy, usually showing a decline from left to right.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of it that suppliers are willing to sell at various prices.

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of the price changes.

Excise Tax

A tax imposed on specific goods and services, such as gasoline, cigarettes, and alcohol.

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