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What (who) is guarantee - definition

LEGAL TERM

Guaranty; Gaurantee

Guarantee

·noun The person to whom a guaranty is made;

- the correlative of guarantor.

II. Guarantee ·noun One who binds himself to see an undertaking of another performed; a guarantor.

III. Guarantee ·noun In law and common usage: A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who is, in the first instance, liable to such payment or performance; an engagement which secures or insures another against a contingency; a warranty; a security. ·same·as Guaranty.

IV. Guarantee ·noun In law and common usage: to undertake or engage for the payment of (a debt) or the performance of (a duty) by another person; to undertake to secure (a possession, right, claim, ·etc.) to another against a specified contingency, or at all avents; to give a guarantee concerning; to engage, assure, or secure as a thing that may be depended on; to Warrant; as, to guarantee the execution of a treaty.

guarantee

I

n.

assurance of quality

1) to give, offer, provide a guarantee

2) a written guarantee

3) a guarantee against (a guarantee against mechanical defects)

assurance, pledge

4) to give a guarantee

5) a firm guarantee

6) a guarantee that + clause (we have a firm guarantee that the work will be finished on time)

II

v.

1) to guarantee fully

2) (A; usu. without to) we cannot guarantee you regular hours

3) (D; tr.) to guarantee against (to guarantee a new car against rust)

4) (H) it's guaranteed to last five years

5) (L) she can guarantee that you will be satisfied

6) (formal) (M) the owner guaranteed the coins to be genuine

guarantee

1) v. to pledge or agree to be responsible for another's debt or contractual performance if that other person does not pay or perform. Usually, the party receiving the guarantee will first try to collect or obtain performance from the debtor before trying to collect from the one making the guarantee (guarantor). 2) the promise to pay another's debt or fulfill contract obligations if that party fails to pay or perform. 3) n. occasionally, the person to whom the guarantee is made. 4) a promise to make a product good if it has some defect. See also: guarantor

Wikipedia

Guarantee

A guarantee is a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee by contrast is often used to refer to a promise made by an individual which is supported by, or assured through, the word of (speak enough) the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.

At law, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or simply "the principal".

Suretys have been classified as follows:

Those in which there is an agreement to constitute, for a particular purpose, the relation of principal and surety, to which agreement the secured creditor is a party;
those in which there is a similar agreement between the principal and surety only, to which the creditor is a stranger;
those in which, without any such contract of suretyship, there is a primary and a secondary liability of two persons for one and the same debt, the debt being, as between the two, that of one of those persons only, and not equally of both, so that the other, if they should be compelled to pay it, would be entitled to reimbursement from the person by whom (as between the two) it ought to have been paid.

https://en.wikipedia.org/wiki/Guarantee

Examples of use of guarantee

1. But you have no guarantee of the job or no guarantee of health.

2. "I can‘t guarantee success all across the front, but I can guarantee there will be justice," said Bush.

3. "I cannot guarantee success, but I can guarantee failure if we don‘t adopt this new strategy," he said.

4. "They present themselves to Arabs as a guarantee against Kurds, and present themselves to Kurds as a guarantee against Arabs.

5. Nobody can give a 100 per cent guarantee ... but I guarantee 100 per cent that we securely protect nuclear weapons."