Asked by Nicholas Bermudez on May 06, 2024
Verified
Gabriel applies for a home loan.Mark signs the agreement promising to pay off the debt in case Gabriel fails to do so.In this case Mark is:
A) the guarantor.
B) the obligee.
C) the obligor.
D) the assignor.
Guarantor
An individual or entity that agrees to be responsible for another's debt or obligations in case of default.
Obligee
In contract law, the party to whom another party owes an obligation.
- Identify the differences in responsibilities and duties of individuals in contract deals, specifically the guarantor, obligor, and estate administrator.
Verified Answer
TG
Thalia GonzalezMay 13, 2024
Final Answer :
A
Explanation :
Mark is the guarantor, which means he is the party who agrees to pay off the debt if the original borrower (Gabriel) fails to do so.
Learning Objectives
- Identify the differences in responsibilities and duties of individuals in contract deals, specifically the guarantor, obligor, and estate administrator.
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