§ 31101 What is a Guaranty
§ 31102 Knowledge of Principal Unnecessary
§ 31201 Necessity of Consideration
§ 31202 Guaranty in Writing
§ 31203 For the Obligation of Another, Original
§ 31204 Acceptance of Guaranty
§ 31301 Incomplete Contract Guaranteed
§ 31302 Guaranty of Obligation
§ 31303 Recovery of Guaranty
§ 31304 Guarantor\’s Liability
§ 31401 How Guaranty to be Construed
§ 31402 Liability, Guaranty of Payment
§ 31403 Liability on Conditional Obligation
§ 31404 Obligation Limited to Principals
§ 31405 Void on Illegal Contract
§ 31501 What is Continuing Guaranty
§ 31502 Revocation of Continuing Guaranty
§ 31601 What Dealings with Debtor Exonerates Guarantor
§ 31602 Void Promises
§ 31603 Rescission of Alteration
§ 31604 Part Performance
§ 31605 Delay of Creditor does not Discharge Guarantor
§ 31606 Guarantor Indemnified by Debtor, not Exonerated
§ 31607 Discharge of Principal by Law, Guarantor not Released
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Terms Used In Guam Code > Title 18 > Chapter 31 - Guaranty

  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Contract: A legal written agreement that becomes binding when signed.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.