A Guaranty Contract Must Be in Writing to Be Enforceable

question 22

True/False

A guaranty contract must be in writing to be enforceable.

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Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by high unemployment, deflation, and a significant fall in economic output.

Worst Recession

Refers to the most severe period of economic decline in activity across an economy, lasting more than a few months.

World's Leading Industrial Power

A country that dominates global manufacturing output, characterized by its advanced technological capability and extensive industrial infrastructure.

Consumer Market

A marketplace where individuals or households purchase goods and services for personal consumption.