|n.||1.||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.|
|2.||One who binds himself to see an undertaking of another performed; a guarantor.|
|3.||(Law) The person to whom a guaranty is made; - the correlative of |
|v. t.||1.||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 in all events; to give a guarantee concerning; to engage, assure, or secure as a thing that may be depended on; to warrant; |
|Noun||1.||guarantee - a written assurance that some product or service will be provided or will meet certain specifications|
|2.||guarantee - a pledge that something will happen or that something is true; "there is no guarantee that they are not lying"|
|3.||guarantee - a collateral agreement to answer for the debt of another in case that person defaults|
|Verb||1.||guarantee - give surety or assume responsibility; "I vouch for the quality of my products"|
|2.||guarantee - make certain of; "This nest egg will ensure a nice retirement for us"; "Preparation will guarantee success!"|
|3.||guarantee - promise to do or accomplish; "guarantee to free the prisoners"|
|4.||guarantee - stand behind and guarantee the quality, accuracy, or condition of; "The dealer warrants all the cars he sells"; "I warrant this information"|
GUARANTEE, contracts. He lo whom a guaranty is made.
2. The guarantee is entitled to receive payment, in the first place, from the debtor, and, secondly, from the guarantor. He must be careful not to give time beyond that stipulated in the original agreement, to the debtor, without the consent of the guarantor; the guarantee should, at the instance of the guarantor, bring an action against the principal for the recovery of the debt. 2 Johns. Oh. R. 554; 17 Johns. R. 384; 8 Serg. & Rawle, 116; 10 Serg. & Rawle, 33; 2 Bro. C. C. 579, 582; 2 Ves. jr. 542. But the mere omission of the guarantee to sue the principal debtor will not, in general, discharge the guarantor. 8 Serg. & Rawle, 112; 3 Yeates, R. 157; 6 Binn. R. 292, 300.