A Guaranty Contract Between the Guarantor and the Creditor Need

question 14

True/False

A guaranty contract between the guarantor and the creditor need not be in writing or electronically recorded to be enforceable unless the main purpose exception applies.

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Definitions:

Risks

The possibility of experiencing losses or other adverse outcomes as a result of uncertainties or unexpected events.

Borrowers' Money

Funds that individuals or entities borrow from lenders, which they are obligated to repay, often with interest, over time.

Other Peoples' Money

Refers to investing or spending money that belongs to others, typically implying a responsibility to manage those funds wisely.

Expected Return

The projected profit or loss from an investment over a given period.