18 Guam Code Ann. § 31401
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Terms Used In 18 Guam Code Ann. § 31401
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
A Guaranty is deemed to be unconditional unless its terms import some condition precedent to the liability of the guarantor.
SOURCE: CC § 2806.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 31 GUARANTY