_____ Means Honesty in Fact in Performing the Duties Assumed

question 35

Multiple Choice

_____ means honesty in fact in performing the duties assumed in the contract or in carrying out the transaction.

• A) Social responsibility
• B) Good faith
• C) "Arms-length" bargaining
• D) Conciliation

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Definitions:

Cosureties

Joint parties who guarantee to pay back a loan or satisfy a debt for someone else if that person fails to do so.

Right of Reimbursement

The right to be repaid or compensated for expenses, losses, or damages that have been paid out or incurred on behalf of another party or entity.

Cosigns

Occurs when an individual signs a contract or loan agreement alongside another, taking on equal responsibility for the obligation.

Artisans' Liens

A possessory lien that allows craftsmen or service providers to retain possession of an item they have serviced or improved until they are paid.