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Legal Definition and Related Resources of Guarantee, Garranty, Guaranty

A collateral promise to answer for the debts, default or miscarriage of another, as distinguished from an original and direct contract for the promisor's own act. Re Black Ranches Inc., (C.A.8.Neb.)362 F.2d 19. The person who binds himself by the guarantee is called the guarantor or the surety , and the person in whose favor the promise is given is sometimes known as the guarantee. The person for whom the guarantor binds himself is known as the principal . The contract of guarantee is an undertaking to answer for another's liability and collateral thereto. It is a collateral undertaking to pay the debt of another in case he does not pay it. It is a provision to answer for the payment of some debt or the performance of some duty in the case of the failure of some person who, in the first instance , is liable for such payment or performance. It is in the nature of that contract that the primary debtor will perform his contract and the guarantor has to answer for the consequences of the primary debtor's default. See commercial credit Corp. v Chisholm Bros. Farm Equipment Co., 525 P.2d 976, 96 Idaho 194.

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Guarantee, Garranty, Guaranty in Historical Law

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