Why is a guaranty contract similar to a suretyship contract?
A)Both a guarantor and a surety join the principal in making a promise.
B)Both a surety and a guarantor are primarily liable for the performance of another's debt.
C)Both a guarantor and a surety are secondarily liable for the performance of another's debt.
D)Both a guarantor and a surety agree to answer for the obligations of a debtor.

Question

Quizplus · Accepted Answer

A guaranty contract is similar to a suretyship contract in that the promisor agrees to answer for the obligations of a debtor.

Why Is a Guaranty Contract Similar to a Suretyship Contract