Question: A collateral promise is one made by a third party to assume the debts or obligation of a primary party to a contract if the

A collateral promise is one made by a third party to assume the debts or obligation of a primary party to a contract if the primary party does not perform.
(A) True
False
Clear selection
A collateral promise is one made by a third party to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

1. A prenuptial agreement must be in writing to be enforceable under the Statute of Frauds. Group of answer choices True False 2. To recover for fraud, a plaintiff must be twenty-one or more years of...

Q:

on 1 An integrated contract is the complete and final statement of the terms of the agreement. 1 Select one: True out of False 19 -tion sation 2 Generally, an oral contract for the sale of land...

Q:

Question 5 2 1 pts A collateral promise is one made by a third party to assume the debts or obligations of a primary party to a contract if that party does not perform. True False

Q:

Question 26 In contract law, _____________________ is the act of accepting and giving legal force to an obligation that previously was not enforceable. ratification dissaffirmance avoidance filing a...

Q:

Question 26 In contract law, _____________________ is the act of accepting and giving legal force to an obligation that previously was not enforceable. ratification dissaffirmance avoidance filing a...

Q:

Question 26 In contract law, _____________________ is the act of accepting and giving legal force to an obligation that previously was not enforceable. ratification dissaffirmance avoidance filing a...

Q:

Question A is one made by a third party to assume the debts or obligations of a primary party to a contract if that party does not perform. parol evidence main purpose exception one year rule...

Q:

ACC/291 Principles of Accounting II - Discussion Questions [This isn't an essay] Discussion on this Learning Activity: Week 2 Electronic Reserve Readings Wk2 DQ#6 - Liability Why is the definition of...

Q:

ACC/291 Principles of Accounting II - Discussion Questions [This isn't an essay] Discussion on this Learning Activity: Week 2 Electronic Reserve Readings Wk2 DQ#6 - Liability Why is the definition of...

Q:

In most bilateral contracts, exact performance is required to avoid any liability for breach. one party must complete its obligations prior to the other side performing its obligations. substantial...

Q:

Your project is nearing completion and you are not going to meet the revised completion date as identified. The client has claimed liquidated damages for the delay of 4 days. At the same time, a...

Q:

Complete the following table. Purchase price of the equipment is $460,000. Depreciable life of the equipment is 4 years. Salvage value of this equipment is $275,000 after four years. Use double...

Q:

Wheberman's WaberWorld Tourtat Park has collected the following data for operations for the ypar: \ table [ [ Total reverues,$ 2 , ene , ent ] , [ Tatal fixed costs, 5 5 0 3 , mits ] , [ Fatal...

Q:

-/1 View Policies Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport Corporation on January 1, 2014, and the subsequent...