please help answer BOTH Normal 1 No Spacil Headin Styles 4. A- provides security
ID: 330516 • Letter: P
Question
please help answer BOTH
Normal 1 No Spacil Headin Styles 4. A- provides security for a creditor without involving an interest in the property, where the security for the creditor is provided by a third person's promise to be responsible for the debtors obligation. a. Suretyship b. Artisan's lien C. Mechanic's lien d. Fareclosure sale 7. A blank endorsement consists of a. The endorser's name written on the instrument. b. The person to whose order the instrument is payable e ame itt d. A fictitious name written on the instrument.Explanation / Answer
Answer to question 4 :
Suretyship is a very specialized line of insurance that is created whenever one party guarantees performance of an obligation by another party. There are three parties to the agreement:
· The principal is the party that undertakes the obligation.
· The surety guarantees the obligation will be performed.
· The obligee is the party who receives the benefit of the bond.
A surety bond is a written agreement that usually provides for monetary compensation in case the principal fails to perform the acts as promised. There are many different types of surety bonds, but the two general categories are contract and commercial surety bonds.
In traditional insurance, the risk is transferred to the insurance company. In suretyship, the risk remains with the principal.
Based on above explanation, the correct answer to the question is “ a. Suretyship”
ANSWER : a ) SURETYSHIP
Answer to question 5 :
Therefore , the correct answer would be “ C. No name written on the instrument”
ANSWER : C ) NO NAME WRITTEN ON THE INSTRUMENT
ANSWER : a ) SURETYSHIP
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