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Statute of Frauds Contracts: Guarantors

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

John buys Jane a new refrigerator. John promises the dealer that he'll make the payments. Which of the following statements is correct?

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1. A statute of frauds won't apply if the guarantor makes the promise to a creditor for the guarantor's own benefit. This is called:

2. Ben helps Brooke buy a new couch. Ben tells Brooke that he promises to pay her payments if she's unable to pay. Which of the following statements is correct?

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About This Quiz & Worksheet

This quiz and attached worksheet will help gauge your understanding of guarantors in statute of fraud contracts. Topics you will need to know in order to pass the quiz include payments and involved parties.

Quiz & Worksheet Goals

Use these assessment tools to measure your knowledge of:

  • One party making payments for another party
  • Exceptions to a statute of frauds involving guarantor contracts
  • Loan applicants

Skills practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related role of guarantors in statute of fraud contracts lesson
  • Critical thinking - apply relevant concepts to examine information about loan applicants in a different light
  • Knowledge application - use your knowledge to answer questions about exceptions in regards to a statute of frauds

Additional Learning

To learn more about the role of guarantors in statute of fraud contracts, review the lesson Statute of Fraud Contracts: Guarantors which covers the following objectives:

  • Define guarantor
  • Define surety and statute of frauds
  • Written memorandum
  • Understanding the main purpose rule
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