Asked by Mayce Herrington on Jun 09, 2024
Verified
The suretyship provision rule within the statute of frauds applies to cases involving one party promising to perform the duty of another party to yet a third party.
Suretyship Provision
A clause in a contract that involves a third party (surety) who agrees to fulfill the obligations of the debtor if the debtor fails to do so.
Statute of Frauds
A legal principle that requires certain types of contracts, such as those involving real estate or lasting over a year, to be in writing to be enforceable.
- Comprehend the statute of frauds and its application to various agreements.
Verified Answer
MC
Mirka ChacónJun 14, 2024
Final Answer :
True
Explanation :
The suretyship provision within the statute of frauds requires that promises made by one party to answer for the debt, default, or miscarriage of another party must be in writing to be enforceable, typically involving a third party to whom the promise is made.
Learning Objectives
- Comprehend the statute of frauds and its application to various agreements.