A guaranty contract must be in writing to be enforceable,unless the main purpose exception applies.

Question

Quizplus · Accepted Answer

According to the Statute of Frauds, a guaranty contract must be in writing to be enforceable, unless it falls under the main purpose exception, which means the guarantor does not need to sign a written agreement if their main purpose for agreeing to the guarantee is to benefit themselves, rather than the borrower.

A Guaranty Contract Must Be in Writing to Be Enforceable,unless