Instructions: Identify the Following Terms

question 90

Short Answer

Instructions: Identify the following terms.
Prince Henry the Navigator

---

Definitions:

Suretyship Provision

A contractual arrangement where a third party (surety) agrees to take responsibility for the debtor's obligations if the debtor fails to fulfill them.

Suretyship Provision

A contractual agreement in which a party assumes responsibility for the debt obligation of a borrower if that borrower defaults.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Collateral Promise

A secondary promise made by a third party to assume responsibility for a debt obligation if the principal obligor fails to perform or pay.