Guarantee

Definition

  • A formal promise or collateral agreement made by an individual to answer for the debt of another in case he or she defaults.
  • A promise or assurance, typically in writing, that advocates the quality of a product or service.

Synonyms
guaranty, pledge, agreement, oath

Related Terms and Acronyms

  • As is Where is Definition,
    • The buyer must examine the goods or property and buy at his or her own risk.
  • Collateral Definition,
    • Any property pledged as security for repayment of a debt.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Covenant Definition,
    • A promise made in a contract or property deed.
  • Default Definition,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Delinquent Mortgage Definition, Important,
    • A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • Home Owners Warranty (HOW) Acronym, Very Important,
    • A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
  • Maturity Guarantee Definition,
    • A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
  • Oral Agreement Definition,
    • A spoken, unwritten legal agreement, worth the paper it's printed on.
  • Secured Debt Definition,
    • A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
  • Security Definition,
    • A tradable financial implement that represents ownership, the rights to ownership or debt.
    • Property designated as collateral.
    • A document stating ownership of a stock or bond.
  • Warranty Definition,
    • A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
    • A document certifying clear title to a property.
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