An arrangement made for the benefit of another, but not upon the receipt of any consideration. Example is the signing of a note to lend one's credit backing to the maker of the note.
Further Reading
For more detailed information, see our related Contracts terms:
Stephanie Bagnall is a Georgia-licensed attorney and legal researcher with experience in accessibility law, compliance, employment law, and legal writing. She helps develop and review BarPrepHero's Legal Terms content for clarity, accuracy, and usefulness to bar exam students.
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