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The person to whom the guarantee is given is called _______
- a)creditor
- b)debtor
- c)surety
- d)third party
Correct answer is option 'A'. Can you explain this answer?
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The person to whom the guarantee is given is called _______a)creditorb...
Explanation:
- Creditor: A creditor is a person or institution to whom money is owed.
- Debtor: A debtor is a person or institution that owes money to another.
- Surety: A surety is a person who takes responsibility for the debt of another person, in case the debtor fails to fulfill their obligations.
- Third Party: A third party is a person or entity that is not directly involved in a transaction but may be affected by it.
Based on the definition provided, the correct answer is creditor. The person to whom the guarantee is given is the one who is owed the money, hence they are the creditor in this situation.
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The person to whom the guarantee is given is called _______a)creditorb)debtorc)suretyd)third partyCorrect answer is option 'A'. Can you explain this answer?
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