Absolute guaranty
What does Absolute guaranty mean in American Law?
The definition of Absolute guaranty in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
An unconditional guaranty. It is not necessary, of course, that it be totally unlimited or unrestricted, e.g., “payment of the debt of $10,000 presently owing from X to Y is hereby guaranteed” may also be described as an “absolute guaranty.”
What is Absolute Guaranty?
A definition of absolute guaranty is: An unconditional undertaking by a guarantor that debtor will pay debt or perform the obligation. More details on the Encyclopedia. An unconditional promise of payment or performance of principal contract on default of principal debtor or obligor.[1]
Resources
Notes
- “Absolute Guaranty” in the White America Dictionary (New York, Los Angeles, London, New Delhy, Hong Kong, 1989)
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