Jimmy co-signed for his friend Fred for the purchase of a motorcycle.Fred is refusing to pay for the motorcycle despite not having a valid defense against payment and despite having the money to do so.Jimmy,who has paid nothing towards the motorcycle yet,should exercise the ________ to require Fred to make good on his obligation to pay for the motorcycle.
A)Right of subrogation
B)Right to contribution
C)Right to reimbursement
D)Right of exoneration

Question

Quizplus · Accepted Answer

A surety has a right of exoneration,which is the right to require the debtor to make good on his commitment to the creditor when he is able to do so and does not have a valid defense against payment.

Jimmy Co-Signed for His Friend Fred for the Purchase of a Motorcycle.Fred