What type of contract requires the performance of a promise to secure a debt?

The correct answer is suretyship, as this type of contract specifically involves one party agreeing to take responsibility for the debt or obligation of another party. This arrangement secures a debt by ensuring that if the primary debtor fails to meet their obligation, the surety—or the party providing the surety—will fulfill that obligation.

In a suretyship, the surety provides a guarantee to the creditor, thereby enhancing the likelihood of the creditor receiving payment. This contract is crucial in lending and credit situations where the lender wants additional assurance that the loan will be repaid.

Other types of contracts, such as unilateral and bilateral contracts, do not specifically focus on securing debts. A unilateral contract involves a promise in exchange for a performance, commonly where one side makes a commitment that the other side can accept through action. In contrast, a bilateral contract consists of mutual promises between two parties, each agreeing to fulfill their respective obligations. Procuration refers to a legal authority granted to act on behalf of another, usually in business or legal contexts, but does not specifically indicate the performance of a promise to secure a debt. Thus, suretyship stands out as the type of contract directly associated with securing a financial obligation.