A(n) ________ Is a Fiduciary Relationship Which Results from the Manifestation

question 71

Multiple Choice

A(n) ________ is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control, and consent by the other so to act.

• A) assignment
• B) garnishment
• C) accommodation
• D) agency

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Definitions:

Right of Contribution

The right that allows a party who has paid more than their share of a joint obligation to recover the excess paid from other parties responsible for the obligation.

Cosureties

Parties who jointly agree to share the responsibility for someone else's obligation, typically in a surety bond or loan guarantee.

Surety

A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling a contract or making a payment.

Conditional Guarantors

Parties that agree to fulfill the obligations of a defaulting party under certain conditions specified in the agreement.