Final answer:
Ulysses is the guarantor in this scenario as he commits to being personally liable for the van purchased by Speedy Delivery Company if they fail to pay. Tom's Terrific Vehicles is the creditor, and Speedy is the debtor.
Step-by-step explanation:
In the scenario provided, Ulysses, as the president of Speedy Delivery Company, signs a guaranty making himself personally liable if Speedy does not pay for the white van purchased from Tom's Terrific Vehicles. This makes Ulysses the guarantor. The role of a guarantor is to assure the creditor that the debt will be paid. In this case, if Speedy Delivery Company fails to fulfill its financial obligations, Ulysses is personally responsible for the debt. The creditor is Tom's Terrific Vehicles, who is providing the van on credit, and the debtor is Speedy Delivery Company, who has received the white van and has the obligation to pay. The term surety often is used interchangeably with guarantor, but technically, surety refers to a broader range of situations where an individual or entity guarantees performance or fulfillment of an obligation, whereas a guarantor specifically guarantees payment of a debt.