Compose a 250 words essay on Collateral Contracts. Needs to be plagiarism free!ption in cases where the “leading object” rule applies is made because, by virtue of defintion, a leading object rule

Compose a 250 words essay on Collateral Contracts. Needs to be plagiarism free!

ption in cases where the “leading object” rule applies is made because, by virtue of defintion, a leading object rule means that “if a promise to guarantee anothers debt is made primarily for the promisors own benefit, then the statute of frauds does not apply and the promise does not have to be in writing” (US Legal, 2012, par. 1). As expressly deduced, the leading object rule is clearly indicative that a person who entered into a collateral contract actually gains a personal benefit from forging the collateral contract. Therefore, this particular personal benefit provides sufficient proof of the collateral contract. and as such, no writing is