Exemplary Damages at Legal Glossary

What is it? See damages.

Law Definition Added By: Abigail

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Law Terms guaranty is When used as a verb, to agree to pay another persons debt or perform another persons duty, if that person fails to come through. As a noun, the written document in which this assurance is made. For example, if you cosign a loan, you have made a guaranty and will be legally responsible for the debt if the borrower fails to repay the money as promised. The person who makes a guaranty is called the guarantor. Also known as a guarantee or warranty.

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