Legal guarantee

What is the legal definition of guarantee? Is it spelled guarantee or guaranty? How does good (guy) is that Guaranty?

Legally , a guarantee , as opposed to a warranty, can also be describe as a promise to be responsible for another’s debt or obligations. For example, a parent may guarantee a child’s car loan.

If the child fails to make payment, the parent will be responsible to the lender for the child’s missed payments. 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 ). A legal commitment to repay a debt if the original borrower fails to do so. Guarantee is a legal term more comprehensive and of higher import than either warranty or security.

It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for him. For the majority of our products, you will receive a minimum of years legal guarantee. During this perio the product should – under normal use – function properly.

Guaranty , in contrast, is now used primarily in financial and banking contexts in the sense “a promise to answer for the debt of another. The washer comes with a guarantee against major defects. So, what’s a guarantee?

Basically, it’s the promise included in the formal (and legal) warranty. As a noun, guarantee is “an agreement assuming responsibility to perform, execute, or complete something and offering security for that agreement. It is a promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service, or a pledge that something will be performed in a specified manner. A guarantee is the promise included in the legal warranty. It is an agreement that one party assumes responsibility to perform or complete something and offer security for that agreement.

There are several types of guarantee in business law. The Surety Legal Defensibility Guarantee is available to every Surety customer, as we believe that electronic records, files, documents and other digital content sealed using the AbsoluteProof service will withstand the toughest legal scrutiny. A loan guarantee is a legally binding commitment to pay a debt in the event the borrower defaults. The legal warranty is a minimum legal protection for consumers.

It is valid for two years and covers products bought anywhere in the EU. It applies automatically when you buy something. The trader or manufacturer may also give you (or sell you) an additional commercial guarantee , whose terms and conditions are explained in your contract.

Legal guarantee synonyms and Legal guarantee antonyms.

Top synonym for legal guarantee (another word for legal guarantee ) is legal guarantees. It could be for the delivery of goods, services or any other contract obligation. A personal guarantee is, basically, a legal promise by an individual or an organization that they will repay any outstanding loan if the borrower fails to do so. This legal clause is meant to protect the lending institution in a situation where the borrower is unable to pay back the loan. The difference is legal , not linguistic.

Both terms are meaningful in the context of a contract or bargain. You always have the right to a minimum 2-year guarantee at no cost, regardless of whether you bought your goods online, in a shop or by mail order. This 2-year guarantee is your minimum right, however national rules in your country may give you extra protection.