1. Connie promises Mountain State Bank that he will be responsible for a loan taken out by her son, Madison. The agreement is such that at the moment the debt is due, Mountain State will demand repayment from Connie. This is known as a(n) .
2. The difference between a surety and a guarantor is that the creditor must exhaust all legal remedies against the principal debtor before holding the surety responsible for payment.
True or false?
3. Normally, the guaranty contract terms determine the extent and time of the guarantor's liability when the principal debtor defaults. requires that a guaranty contract between the guarantor and the creditor must be in writing or electronically recorded to be enforceable unless the main purpose rule applies. True or false?