(1) A married woman may enter into a contract with respect to her separate property as described in section 1. She may bring an action to enforce the contract, recover damages for breach of the contract, or seek other remedy with respect to the contract as provided by law. The married woman shall be personally liable upon the contract and a judgment entered against the woman may be satisfied out of the separate property as described in section 1.

    (2) The husband of a married woman shall not be liable for breach of a contract which was entered into by the married woman and which relates to the separate property of the married woman as provided in subsection (1) unless the husband acted as a surety, co-signor, or guarantor on the contract.