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    Essentials of Business Law and the Legal Environment Study Set 2
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    Exam 37: Secured Transactions and Suretyship
  5. Question
    Elmer Agreed to Act as the Conditional Guarantor of Collection
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Elmer Agreed to Act as the Conditional Guarantor of Collection

Question 1

Question 1

Essay

Elmer agreed to act as the conditional guarantor of collection on a debt of $50,000 that Fred owed to Gloria. Fred paid Elmer a premium to serve as surety. If Fred defaults on the debt, what are Gloria's rights against Elmer?

Correct Answer:

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