George Has Signed a Promissory Note and Huber, Nick and Jeffery

question 54

Multiple Choice

George has signed a promissory note and Huber, Nick and Jeffery are cosureties of their friend George. When George defaults, Jeffery pays the whole obligation. Jeffery is entitled to collect one third from both Nick and Huber. This is known as the:

• A) right of contribution.
• B) right of exoneration.
• C) right of redemption.
• D) right of collection.

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Definitions:

Qualified Day Care

A care facility or program that meets specific state and/or federal regulations, making expenses potentially eligible for tax credits.

Child and Dependent

A minor or other individual, such as an elderly parent, who relies on another person for over half of their financial support and can qualify for certain tax benefits.

Care Credit

Care Credit is a healthcare credit card that allows individuals to finance healthcare services and procedures, often with special financing options.

Qualified Day Care

A child care facility that meets specific state and/or federal regulations and standards to operate legally, often eligible for certain tax benefits or programs.