When the consideration given in exchange for the collateral promise is something the guarantor seeks primarily for his own benefit rather than for the benefit of the primary debtor,the contract:
A)is the opposite of an original contract.
B)is considered void.
C)is outside the statute of frauds.
D)needs to be in writing.

Question

Quizplus · Accepted Answer

When the consideration given in exchange for the collateral promise is something the guarantor seeks primarily for his own benefit rather than for the benefit of the primary debtor,the contract is outside the statute of frauds and need not be in writing.

When the Consideration Given in Exchange for the Collateral Promise