Asked by Charlie Spaulding on Jun 07, 2024
Verified
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
Secondary Promises
Commitments made by a third party to assume responsibility for another's debt or obligation if the original party fails to perform.
Statute of Frauds
An established legal doctrine stipulating some contractual arrangements need to be formalized in writing and authenticated by the signatures of all parties for enforceability.
Third-Party Debts
Debts that involve a creditor and debtor, with a third party also playing a role, either as a guarantor or through some other capacity.
- Acquire knowledge of the statutory mandates of the statute of frauds applicable to diverse forms of contracts.
Verified Answer
Learning Objectives
- Acquire knowledge of the statutory mandates of the statute of frauds applicable to diverse forms of contracts.
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