Which of the following is correct concerning suretyship and guaranty?
A) A surety is always liable from the moment the principal is in default.
B) A guarantor is always liable from the moment the principal is in default.
C) Both are undertakings by one person, for a consideration, to pay another person a sum of money in the event that the other person sustains a specified loss.
D) Neither can be exonerated from liability.
Correct Answer:
Verified
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