Sarah,age 17,buys a car on credit from Lora.Sarah signs a promissory note,agreeing to pay $1000 a month on the note until the note is paid in full.Lora has Sarah's father cosign the note.Under these circumstances,Sarah's father is:
A)a surety.
B)secondarily liable on this contract.
C)a guarantor of payment on this contract.
D)not liable on this contract because Sarah is a minor.

Question

Quizplus · Accepted Answer

A surety is a person who is liable for the payment of another person's debt or for the performance of another person's duty.The surety is primarily liable for the debtor's obligation,and the debtor can demand performance from the surety at the time the debt is due.The creditor does not need to establish a default by the debtor or proceed first against the debtor on his obligation.

Sarah,age 17,buys a Car on Credit from Lora