Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

irrevocable guaranty

Read a random definition: Information Society Directive

A quick definition of irrevocable guaranty:

An irrevocable guaranty is a promise made by one person to pay or perform a duty if another person fails to do so. It is a type of contract that is usually used in finance and banking. The guaranty is collateral, meaning it is a backup plan to protect the person who is owed money. It cannot be terminated without the consent of all parties involved.

A more thorough explanation:

Definition: An irrevocable guaranty is a written promise made by one party to another party to pay a debt or perform a duty in case the primary obligor fails to do so. It is a type of guaranty that cannot be terminated without the consent of all parties involved.

Examples:

  • An individual guarantees to pay the rent for their friend's apartment if their friend fails to make the payments. This is an example of an irrevocable guaranty because it cannot be terminated without the consent of all parties involved.
  • A company guarantees to pay a supplier for goods received if the buyer fails to make the payment. This is also an example of an irrevocable guaranty because it cannot be terminated without the consent of all parties involved.

These examples illustrate the definition of an irrevocable guaranty because they both involve a written promise made by one party to another party to pay a debt or perform a duty in case the primary obligor fails to do so. Additionally, both examples cannot be terminated without the consent of all parties involved, making them irrevocable guaranties.

irrevocable | irrevocable letter of credit

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
LSD+ is ad-free, with DMs, discounts, case briefs & more.