Guarantee - Law Dictionary Search Results
Home Dictionary Name: guaranteeGuarantee
Guarantee, he to whom a guaranty is made; also, and more commonly, the guaranty itself. See GUARANTY.The assurance that a contract or legal act will be duly carried out; Something given or existing as security, such as to fulfill a further engagement or a condition subsequent, Black's Law Dictionary, 7th Edn., p. 711.Company limited by. See COMPANIES.Guarantee includes any obligation undertaken before the commencement of this Constitution to make payments in the event of the profits of an undertaking falling short of a specified amount. [Constitution of India, Art. 366(13)]Guarantee, is in collateral engagement to answer for the debt, default, or miscarriage of another person, a promise to another as debtor to secure the payment of a debt payable to him, Stroud's Judicial Dictionary, Vol. 2, p. 1111.Includes any obligation undertaken before the com-mencement of the constitution to make payments in the event of the profits of an undertaking falling short of a specified amount, Constitut...
Guaranty, or Guarantee
Guaranty, or Guarantee, a promise to a person to be answerable for the payment of a debt or the performance of a duty by another, in case he should fail to perform his engagement. An offer to guarantee until it be accepted is not binding. At Common Law a guarantee need not have been in writing, but the Statute of Frauds (29 Car. 2, c. 3), s. 4, enacts that 'No action shall be brought whereby to charge the defendant upon any special promise to answer for the debt, default, or miscarriages of another person, unless the agreement upon which such action shall be brought, or some memoran-dum or note thereof, shall be in writing, and signed by the party to be charged therewith or some other person thereunto by him lawfully authorized.' In case of guarantees, great inconvenience had resulted from the construction put upon the above s., viz., that the consideration for the promise of the guarantor must appear upon the written instru-ment. To remedy this, the Mercantile Law Amend-ment Act, 1856...
Performance guarantee
Performance guarantee, includes the documents such as letter of comfort, paper purchase agreement, state support agreement, concession agreement for infrastructure project and other agreements guaranteed in certain performance on behalf of government departments, public sector undertakings, local authorities, statutory boards, corporations and cooperative institutions. [West Bengal Ceiling on Government Guarantees Act, 2001, s. 2(d)]...
guarantee
guarantee [probably alteration of guaranty] 1 : guarantor 2 : guaranty 3 : an assurance that a condition will be fulfilled: as a : an agreement by which one person undertakes to secure another in the possession or enjoyment of something b : an assurance of the quality or of the length of use to be expected from a product offered for sale often with a promise of reimbursement 4 : guaranty [constitutional s] guarantee vt ...
Contract of guarantee
Contract of guarantee, in relation to any hire-purchase agreement, means a contract whereby a person (in this Act referred to as the surety) guarantees the performance of all or any of the hirer's obligations under the hire-purchase agreement. [Hire-Purchase Act, 1972 (26 of 1972), s. 2 (a)]...
guaranteed bond
guaranteed bond see bond ...
guaranteed investment contract
guaranteed investment contract see contract ...
Abandonment guarantee
Abandonment guarantee, is a contract under which a person, the guarantor undertakes to make good any default by a participator in an oil field in meeting the whole or any part of those liabilities of which arise under a relevant agreement relating to that field and are liable to contribute to field abandonment costs. Halsbury's Laws of England, Vol. 19(2), 4th Edn., para 1825, p. 1295....
Continuing guarantee
Continuing guarantee, is one which extends to a series of transactions and is not exhausted by nor confined to a single credit or transaction, Halsbury's Laws of England, Vol. 20, para 101, p. 58....
Guarantee by Companies Act, (Engligh)
Guarantee by Companies Act, (Engligh) 1867 (30 & 31 Vict. c. 108), repealed, and new provisions substituted, by the Government Officers Security Act, 1875 (38 & 39 Vict. c. 64)....
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