Surety is an essential element of contract law, and essentially refers to a legal agreement in which one party (the surety) agrees to be held liable for the debts or obligations of another party (the principal). Essentially, the surety is a guarantee that a debt will be paid or that an...
As long as the person or company that one stood surety for is meeting with their obligations, all is fair and well, but sometimes the guarantor is unexpectedly called upon to fulfill the terms of the suretyship when they were under the impression that it was no longer applicable. To illustra...
A contract can be invalid if it is formed under duress or contains illegal subject matter, among other things. Find out how to protect your contracts.