Question

Westin wants to borrow $1,000 from missy to help pay his deposit at his new apartment. missy says she will agree to lend him the money, only if westin promises to repay her within six months and if westin's friend, betty, promises to pay if westin fails to do so. if betty agrees to the arrangement, betty's promise is called a:

Answer 1

This is called a contact or payment agreement. This is because there is a set payment and a time frame for Westin to pay Missy back. She will also need a signature from Betty to prove she will pay the money if Westin cant.