MLchartDataset catalogue

Guarantee

Term · Law · MLC-T-LAW-002368

A promise or assurance, often in writing, that a product or service will meet certain standards or that a debt or obligation will be fulfilled. In a legal context, it creates a secondary obligation where one party is responsible for the debt or duty of another if the primary obligor defaults. Guarantees are frequently used in commercial transactions and loan agreements.

Table 1. Record
IdentifierMLC-T-LAW-002368
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002368",
  "term": "Guarantee",
  "field": "Law",
  "definition": "A promise or assurance, often in writing, that a product or service will meet certain standards or that a debt or obligation will be fulfilled. In a legal context, it creates a secondary obligation where one party is responsible for the debt or duty of another if the primary obligor defaults. Guarantees are frequently used in commercial transactions and loan agreements.",
  "url": "https://mlchart.com/terminology/law/guarantee/"
}

Record 2,282 of 5,439 in Law terminology (MLC-0107). Request the full dataset.