Asked by Juleny Degollado on Jun 19, 2024
Verified
Carrie promises to pay her cousin Joe's debt,but only if Joe does not pay.Carrie is a:
A) Guarantor
B) Surety
C) Co-signer
D) Primary debtor
Guarantor
A person or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.
- Pinpoint the variances between guaranty and suretyship agreements.
Verified Answer
BY
binay yadavJun 25, 2024
Final Answer :
A
Explanation :
A guarantor does not join the principal in making a promise;rather a guarantor makes a separate promise and agrees to be liable upon the happening of a certain event.
Learning Objectives
- Pinpoint the variances between guaranty and suretyship agreements.