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Which of the following is an exception to the suretyship provision requirement under the statute of frauds
a.
A collateral promise made to the creditor
b.
A promise, the leading object of which is to obtain an economic benefit for oneself
c.
A collateral promise where there are three parties and two contracts involved
d.
A promise by an executor to pay the debts of the decedent from the executor's own funds

Sagot :

b. a promise, the leading object of which is to obtain an economic benefit for oneself.

Securing the performance of a third party, the principal debtor, for the benefit of the creditor constitutes suretyship. Consider a loan that is given to A with partner B serving as a guarantor to ensure repayment. The surety may be used by the creditor if the debtor disregards his payment responsibilities after receiving notice of default. As a result, the surety bears no financial risk in his relationship with the major debtor and just offers (extra) security to the creditor. The Dutch Civil Code's Book 7 contains provisions relating to suretyship. Both "borscht" and "borgstelling" are terms for suretyship in the Dutch language.

To know more about suretyship provision, visit;

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