Why It Is Important for a Contract of Guarantee to Be

question 40

Essay

Why it is important for a contract of guarantee to be in writing and signed by the guarantor?

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Definitions:

Restatement (Second) of Torts

A legal document summarizing the general principles of American tort law, serving as a guide for judges and lawyers.

Common Law Negligence

A legal concept that holds individuals liable for harm caused by their failure to act as a reasonably prudent person would under similar circumstances.

Foreseeable User

A person who is reasonably expected to use a product and whom the manufacturer or provider should consider when designing or supplying the product.

Securities Exchange Act of 1934

A U.S. federal law governing the trading of securities in the secondary market, overseeing transactions, requiring disclosure, and aiming to prevent fraud.