Guarantee en

Guarantee meaning

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. It may also designate a treaty through which claims, rights or possessions are secured. 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".

Meanings

  1. (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.
  2. (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.
  3. (noun) The person to whom a guaranty is made; -- the correlative of guarantor.
  4. (noun) One who binds himself to see an undertaking of another performed; a guarantor.
Word: guar·an·tee
Pronunciation of guarantee: "gar-&n-'tE, "gär- also 'gar-&n-" or 'gär-&n-"
Function of guarantee: noun
Origin of guarantee: probably alteration of 1guaranty
1 : GUARANTOR
2 : GUARANTY 1
3 : an assurance for the fulfillment of a condition: 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 of or of the length of use to be expected from a product offered for sale often with a promise of reimbursement
4 : GUARANTY 4

Synonyms of guarantee

Assure, Ensure, Guaranty, Insure, Secure, Undertake, Vouch, Warrant, Warrantee, Warranty,

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