Admiralty bonds - Study guides, Class notes & Summaries

AFSB 151 ALL CHAPTERS EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Surety bond - -a written contracts that expresses one party's promise to another party's failure to do something promised Suretyship - -the obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity Performance bond - -a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications Payment bond - -a classification o...

AFSB 153 Sample Exam Questions and Answers 100% Accurate The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term d. Revolving term Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:05 / 0:15 Full screen In ...

AFSB 153 Sample Exam Questions and Answers latest updated 2024 The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term d. Revolving term Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:07 / 0:15 Full scree...

AFSB 151 Vocabulary Surety Bond ANSWER- A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Suretyship ANSWER- The obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity Performance Bond ANSWER- A contract bond guaranteeing that a contractor's work will be completed according to plans and specifications. Payment Bond ANSWER- A classification of bonds th...

AFSB 153 Exam Questions With 100% Correct Answers 2023