Examlex
Kent and Turner get into an argument over the money Turner had loaned Kent. They decide to allow Erika, their friend and a professor, to make a decision. Turner and Kent agree to abide by whatever decision Erika makes. This is an example of _____.
Surety
A person or entity that assumes responsibility for another's performance of an obligation, such as the repayment of a loan or the fulfillment of a contract.
Suretyship Relationship
is a legal arrangement where a surety guarantees the performance of a debtor's obligation to a creditor, assuming liability if the debtor fails to fulfill the contractual obligation.
Principal Debtor
The main individual or entity responsible for repaying a debt or obligation.
Ancillary Bailee
An individual or entity that is temporarily entrusted with someone else's property for a specific, ancillary service, without transfer of ownership.
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