A Guarantor Is Secondarily Liable on an Obligation

question 6

True/False

A guarantor is secondarily liable on an obligation.

---

Definitions:

Cultural Assimilation

The process by which individuals or groups of differing cultures come to adopt the cultural norms of another, dominant culture, often leading to the loss of distinctive cultural identities.

Socioeconomic Ladder

A conceptual metaphor describing the hierarchical structure of social and economic status, where individuals or groups are ranked based on income, education, and occupation.

Cultural Legacy

Refers to the elements, values, beliefs, and practices that are passed down through generations within a community or society.

Business Acumen

The keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome.