A suretyship is an accessory contract by which one person undertakes liability for another's debt or financial obligations. You may have been approached by a friend to act as their surety/guarantor for a loan that they wish to take out.

In consideration of this decision you would need to understand the duties and rights that a surety would have. Explain the rights and duties of a surety?

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As a surety you would be assuming certain rights and ... View the full answer