North Dakota Code 22-01-03 – Original obligation sufficient consideration – Exception
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When a guaranty is entered into at the same time as the original obligation or at the same time as the acceptance of the original obligation by the guarantee and forms, with that obligation, a part of the consideration to the guarantee, no other consideration is necessary. In all other cases there must be a consideration distinct from that of the original obligation.
Terms Used In North Dakota Code 22-01-03
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.