A secondary obligation, which falls within the scope of the statute of frauds writing requirement, occurs when a party outside a primary agreement promises to fulfill one of the original party’s (primary debtor’s) obligations if the original party fails to fulfill it. A secondary obligation is also called a _______ promise. a. collateral b. suretyship c. collateral or suretyship d. bilateral
Suretyship is a very specialized line of insurance that is created when one party guarantees performance of an obligation by another party in case the primary party fails
