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Mrs Solly signed as a surety for her nephew that wanted to start a panel beating company.Mrs Solly’s nephew has being lying about his business doing poorly and continuously borrowsmoney from Mrs Solly. Due to this lie, Mrs Solly does not want to fulfil her obligations in terms of the Suretyship Agreement. Legally advise Mrs Solly on the following:
1.1 The nature of a Surety Agreement
1.2 The benefits available to a Surety
1.3 The various ways in which a Surety Agreements may be terminated