guarantee

Definition:

common American spelling: guaranty. 1. In law, a promise by one person (called the ‘guarantor’) to make good any failure by a second person (called the ‘principal debtor’) to meet financial obligations owed to a third person (called the ‘principal creditor’). In the law of England and Wales, such a promise cannot be enforced by legal proceedings unless there is a written memorandum of it signed by the guarantor or an authorised agent of the guarantor. 2. A promise that any defects discovered in goods sold will be repaired or any defective work carried out will be corrected.



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