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Unformatted text preview: states that he or she will become responsible only if the primary party does not perform, must be in writing to be enforceable. There is an exception, however. If the main purpose in accepting secondary liability is to secure a personal benefit for example, if Gemmas brother bought the mower for herthe contract need not be in writing. The assumption is that a court can infer from the circumstances of the case whether the main purpose was to secure a personal benefit and thus, in effect, to answer for the guarantors own debt....
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This note was uploaded on 11/21/2011 for the course MGMT 4324 taught by Professor Tim during the Spring '11 term at Andhra University.
- Spring '11
- Business Law