Asked by
Sanand Awasthi
on Nov 27, 2024Verified
An agreement made before marriage that defines each partner's interest in the other partner's property is a collateral promise .
Collateral Promise
A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be in writing to be enforceable.
Before Marriage
Refers to the period or status of individuals' lives before entering into a legally recognized marital union.
- Learn about the paramount importance and rudimentary requirements of the Statute of Frauds in the domain of contract law.
Verified Answer
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Learning Objectives
- Learn about the paramount importance and rudimentary requirements of the Statute of Frauds in the domain of contract law.