A Collateral Promise Is One Made by a Third Party

question 56

True/False

A collateral promise is one made by a third party to assume the debts or obligation of a primary party to a contract if the primary party does not perform.

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Definitions:

Atomic Number

The number of protons in the nucleus of an atom, which determines the chemical properties of an element and its place in the periodic table.

Mass Number

The total number of protons and neutrons in the nucleus of an atom, representing the atom's mass.

Electronegativity

A chemical property that describes the tendency of an atom to attract a shared pair of electrons towards itself in a covalent bond.

Polarity

A property of having distinct and opposite ends or sides, often seen in molecules with uneven distribution of charges.