Which of the following statement is correct:
A. If the surety contract is in writing then he is the only person to sign it.
B. The Surety-ship contract must be in writing.
C. The Surety-ship contract can be concluded orally or in writing.
D. The surety or this agent can sign the surety-ship Contract
Answer:
Option B and D are correct.
Explanation:
The option A is incorrect because the surety-ship contract is signed by two parties, one the creditor and the other one would be the surety. Hence the option A is incorrect.
Option B is correct because the surety-ship contract is always in writing.
Option C is incorrect because surety-ship contract can not be orally agreed as it has no value in court if done orally.
Option D is correct because surety or his agent can sign the contract to form a contract.
