Debt Responsibility

Guaranty
A guaranty is a legal promise to fulfill another party's debt or contractual obligations if that party fails to do so.
Several Liability
Several liability is a legal concept in which multiple parties can be held independently responsible for their own specified obligations or debts in a contractual agreement.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.