We answer that the idea of representation and suretyship is common in human society and government; and that such representation and suretyship are inevitable, wherever there is community of life between the innocent and the guilty.
And for suretyship he exposes it as a matter unsafe, nay highly dangerous, declaring that to be bound for idle and wicked men is full of hazard.
A revocation of the contract of suretyship by act of the parties, or in certain cases by the death of the surety, may also operate to discharge the surety.
French and Belgian Codes, moreover, provide that suretyship is not to be presumed but must always be expressed (art.
Moreover by the joint suretyship of all the members of the community a security is offered lacking in small individual contracts.
The fulfilment of the obligation is secured by the joint suretyship of the community, while to sue each peasant for failure to perform two or three days’ work would be far too troublesome.
There were also to be found there rental agreements, made both by peasants and those outside the ranks of the peasants; loan agreements made by individuals, as well as by communities, with joint suretyship of all their members, etc.
Contribution is the term applied to the right of one of two or more co-promisors to a suretyship obligation to secure a pro rata share from his co-promisors of the amount he is obliged to pay the creditor on a suretyship contract.
The law implies a contract on the part of the principal to a suretyship contract to pay the promisor when the latter pays the suretyship obligation.
By subrogation is meant the substitution of the promisor for the creditor in case the promisor to a suretyship obligation pays his principal's debt.
Suretyship obligations are obligations to answer for the debts or default of another.
If the suretyship contract is entered into after the original obligation is incurred, and independently of it, there must be a separate and independent consideration to support it.
Unless so provided for by statute, a promisor to a suretyship contract cannot compel a creditor to sue a principal when the debt secured is due, or claim his discharge for failure on the part of the creditor to comply with this request.
Payment by a principal is a complete suretyship defense.
At the present time, corporations are organized for the purpose of entering into suretyship obligations for profit.
Among other things this statute required contracts of suretyship to be in writing to be enforceable.
Attempts to perform such acts of suretyship are beyond their power, and are ultra vires.
Is fraud practiced by the principal upon the promisor to a suretyship contract, a defense to the promisor in an action brought by the creditor?
I answer, He did then deal with sinners even as he dealeth with them now; he justified them by it, by virtue of the suretyship of him that was to bring it in.
The terms used by the parties are not necessarily conclusive as to whether it is a suretyship or guaranty relationship.
The general extent of the suretyship liability is measured by the contract of the principal, which he guarantees.
For example, a suit is brought in New Jersey upon a contract of suretyship made in New York by a wife for her husband.
The distinction between the contract of suretyship and that of guaranty is not altogether clear, and frequently not observed by the courts.
Formerly, it was sometimes said that an infant was absolutely unqualified to make a contract of this kind, but now his contracts of suretyship are held to be voidable, the same as his other contracts.
Suretyship has been defined as an accessory agreement by which one binds himself for another who is already bound.
Like ordinary contracts, a contract of suretyship must be supported by sufficient consideration.
The principal contracts known to the common law and suable in the King's Courts, a century after the Conquest, were suretyship and debt.
These were the warranties accompanying a sale and suretyship which was referred to at the beginning of the Lecture.
As suretyship was no [265] longer one of these, they became strictly limited to cases in which the debt arose from the receipt of a quid pro quo.
The above list will hopefully give you a few useful examples demonstrating the appropriate usage of "suretyship" in a variety of sentences. We hope that you will now be able to make sentences using this word.
