Formation And Effect Of Contract Flashcards
1
Q
What does a surety ship do that’s different from all the other forms of security?
A
It binds a person to the creditor, not property
2
Q
What is the person known as
A
The surety
3
Q
What does the surety undertake?
A
That if debtor defaults, then they will discharge the debtors obligation to the creditor
4
Q
What type of right is the creditor’s right of security?
A
A personal right
5
Q
What type of security is suretyship
A
personal
6
Q
What type of obligation is suretyship
A
Accessory
7
Q
Who’s the surety contract between and who is not a party to the contract?
A
They creditor and the surety, not then debtor
8
Q
What must contract be in to be valid?
A
Writing
9
Q
When does the surety’s obligation only become enforceable?
A
if the principle debtor defaults
