(A) contracts. A promise made upon a good consideration, to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who is, in the first instance, liable to such payment or performance. (B) The agreement to pay the debt of another or to perform the service promised by another if such person defaults. For example, the cosigner or guarantor of a loan provides a guaranty to pay the loan should the debtor default. (c)
(verb) – To undertake collaterally to answer for the payment of another’s debt or the performance of another’s duty, liability, or obligation; to assume the responsibility of a guarantor; to warrant See Guaranty.
(noun) – A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who, in the first instance, is liable to such payment or performance. Gallagher v. Nichols, 60 N. Y. 444; Andrews v. Pope, 126 N. C. 472, 35 S. E. 817; Deming v. Bull, 10 Conn. 409; Reigart v. White, 52 Pa. 438. A guaranty is an undertaking by one person to be answerable for the payment of some debt, or the due performance of some contract or duty, by another person, who himself remains liable to pay or perform the same. Story, Prom. Notes,