Problem:
Molly has just graduated from college when her car breaks down. She needs to buy a new car quickly so she can get to and from her new job. However, her credit history is not very long and she needs someone else to sign her car loan. You promise lender in writing that you will make Molly's car payments and be liable for them only if she first defaults on her loan.
Required:
Is this a suretyship or a guarantee? Explain. Explain the solution in detail.