Select the best phrase or sentence for each of the words or phrases below Each response may be used only once 1 Indemnity contract Relationship whereby one person agrees to answer for the debt or default of another Requires certain contracts to be in writing to be enforceable Jointly and severally ...

Heres the best phrase or sentence for each of the words or phrases Indemnity contract One ...

Select the best phrase or sentence for each of the words or phrases below. Each response may

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Select the best phrase or sentence for each of the words or phrases below. Each response may be used only once.

1. Indemnity contract	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
2. Suretyship contract	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
3. Surety	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
4. Third-party beneficiary	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
5. Cosurety	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
6. Statute of Frauds	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
7. Right of contribution	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
8. Reimbursement	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
9. Subrogation	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.
10. Exoneration	Relationship whereby one person agrees to answer for the debt or default of another. Requires certain contracts to be in writing to be enforceable. Jointly and severally liable to creditor. Promises to pay debt on default of principal debtor. One party promises to reimburse debtor for payment of debt or loss if it arises. Receives intended benefits of a contract. Right of surety to require the debtor to pay before surety pays. Upon payment of more than his/her proportionate share, each cosurety may compel other cosureties to pay their shares. Upon payment of debt, surety may recover payment from debtor. Upon payment, surety obtains same rights against debtor that creditor had.