If the Creditor Allows the Principal an Extension of Time

question 41

True/False

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

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Definitions:

Social Security Benefits

Government programs that provide financial assistance to people with little or no income, elderly individuals, and those with disabilities, aiming to support basic living needs.

State University

A publicly funded university that is primarily supported by a state government.

Price Inelastic

A situation where the demand for a good or service does not change significantly when its price changes.

Negative Cross Elasticity

A situation where the demand for one product decreases as the price of another product decreases, indicating complementary goods.