Assertion: guarantee | /r/HasProperty | contract
Facets:
value: in english law
type: OTHER
Source sentences:
text: In English law, a guarantee is a contract whereby the person (the guarantor) enters into an agreement to pay a debt, or effect the performance of some duty by a third person who is primarily liable for that payment or performance.
text: The co-extensive, secondary nature of the liability of the guarantor along with the fact that the guarantee is a contract to answer default, debt, or miscarriage; crucially differentiates the guarantee from an indemnity.
text: Guarantees are contracts and, therefore, must contain all the necessary components of a contract – namely offer, acceptance, consideration and intent to create legal relations.