When the Consideration Given in Exchange for the Collateral Promise

question 43

Multiple Choice

When the consideration given in exchange for the collateral promise is something the guarantor seeks primarily for his own benefit rather than for the benefit of the primary debtor,the contract:

• A)is the opposite of an original contract.
• B)is considered void.
• C)is outside the statute of frauds.
• D)needs to be in writing.

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Definitions:

Alzheimer's disease

A degenerative brain disorder characterized by memory loss, cognitive decline, and personality changes.

Osteoarthritis

A degenerative joint disease characterized by the breakdown of cartilage and underlying bone, leading to pain and stiffness, primarily in the hips, knees, hands, and spine.

Stereotyping

Generalizing about a group of individuals in a way that ignores the diversity within the group, often leading to misconceptions and biased attitudes.

Aging adults

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