Definition of Accommodation party

A surety is a person who agrees to be responsible for the debt or obligation of another. Additionally, the situation in which a surety is most typically required is when the ability of the primary obligor or to perform its obligations under a contract is in question, or when there is some public or private interest which requires protection from the consequences of the principal's default or delinquency. In most common law jurisdictions, a contract of suretyship is subject to the statute of frauds (or its equivalent local laws) and is only enforceable if memorialized by a writing signed by the surety.