Which of the following is a term for contracts within the statute of frauds involving promises to pay the debt of another if the other party fails to pay?
A)Secondary promises
B)Primary promises
C)Novation agreements
D)Third-party debts
E)Pecuniary assignments

Question

Quizplus · Accepted Answer

The terms "secondary promises," "collateral promises," or "suretyship promises" all refer to agreements in which a third party agrees to pay the debt owed by another party if that other party fails to pay his or her debt.

Which of the Following Is a Term for Contracts Within