surety

Question 0

remission of debt:

a. granted to surety releases principal obligor and all other sureties
b. granted to one surety releases the others only to extent of contribution the other sureties might have recovered from surety to whom remission was granted
c. is effective only when express

Answer 0

b. granted to one surety releases the others only to extent of contribution the other sureties might have recovered from surety to whom remission was granted

Question 1

which is not correct?

a. solidary suretyship exists when a person binds himself as a principal obligor by promising that a third person will incure obligation or render performance
b. suretyship is an accesory contract by which a person binds himself to a creditor to fulfill the obligation of another on the failure of latter to do so
c. must be expressed in writing
d. surety who pays principal obligation is subrogated by operation of law to rights of the creditor
e. surety may assert against the creditor any defense to the principal obligation that the principal obligor could assert except lack of capacity

Answer 1

A. solidary suretyship exists when a person binds himself as a principal obligor by promising that a third person will incure obligation or render performance

Question 2

compensation:

a. between obligee and surety extinguishes obligation of principal obligor
b. takes place only when two obligations are to be performed at same place and arise from same source
c. can neither take place nor be renounced to the prejudice of rights previous acquired by third parties
d. causes an obligation to be extinguished when qualities of obligor and obligee are united in same person
e. has all attributes above

Answer 2

c. can neither take place nor be renounced to the prejudice of rights previous acquired by third parties

Question 3

what are the formalities of a obtaining a suretyship?

Answer 3

expressly stating in writing and agree that if x fails to satisfy any obligation to Y, the surety will do so himself.