If a Creditor Allows a Principal an Extension of Time

question 10

True/False

If a creditor allows a principal an extension of time to perform a contract,compensated sureties are relieved of liability unless they consent to the extension of time.

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Definitions:

Extended Family

A family group that extends beyond the nuclear family, including relatives such as grandparents, aunts, uncles, and cousins.

Slave Life

The daily existence of slaves, typically marked by hard labor, poor living conditions, and a lack of personal freedom or autonomy.

Average Wealth

A measurement reflecting the economic status of individuals in a society, typically calculated as the total wealth owned divided by the number of wealth holders.