Law > EXAM > AFSB 151 Practice Exams | 178 Questions with 100% Correct Answers | Verified | 31 Pages (All)
AFSB 151 Practice Exams | 178 Questions with 100% Correct Answers | Verified | 31 Pages
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Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? - ✔✔Statutes of frauds Follo... wing the Civil War, the growing number and complexity of financial/commercial relationships led to the need for - ✔✔Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction purchases a contract surety bond from SureRite Insurance. Identify the principal, obligee, and surety in this suretyship. - ✔✔Principal--Raymone Construction; obligee--Village of Malcom; Surety--SureRite Insurance The two basic types of bonds that are written today are - ✔✔Contract surety bonds and commercial surety bonds [Show More]
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