In a contract for suretyship the third party who is responsible for the borrower's payment obligations, or performance, to a creditor is known as the:

Question

Quizplus · Accepted Answer

In a contract for suretyship, the third party responsible for ensuring the borrower's payment obligations or performance to a creditor is known as the "surety" or "guarantor," not any of the options provided. None of the choices (A) banker, (B) borrowee, (C) principal, or (D) lender accurately describe this role.

In a Contract for Suretyship the Third Party Who Is