| Commentary

9 Guarantees

| Commentary

9 Guarantees

A guarantee can be described as an obligation assumed by one party, the guarantor, pursuant to which that party agrees with another party, the beneficiary, that it will perform certain specified obligations if a named third party does not perform those obligations. Thus, A may agree with B that if C does not pay his fees then A will pay them. There are various technical requirements relating to a guarantee, the principal one being that the guarantee must be in writing. An oral guarantee is not enforceable as such.

Thus, it will be seen that the liability of the

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial