A Suretyship and a Guaranty Are the Same Thing

question 14

True/False

A suretyship and a guaranty are the same thing.

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Definitions:

Performance Duty

The obligation of a party to a contract to fulfill the terms of the agreement as specified.

Contract Right

A legal entitlement embedded within a contract that grants parties specific abilities or enforces particular obligations.

Defenses

Legal arguments and strategies used in court to justify, excuse, or mitigate an accused party's liability or wrongdoing.

Unconditionally Assigns

The act of transferring all rights and interests in a property or contract to another party without imposing any conditions.