Mississippi Guaranty or Guarantee of Payment of Rent

1 : an undertaking to answer for the payment of a debt or the performance of a duty of another in case of the other's default or miscarriage. 2 : guarantee sense 3. 3 : guarantor. 4 : something given as security (see security sense 2) : pledge used our house as a guaranty for the loan.

The definition of a guarantee is a promise that something will happen. An example of guarantee is a document stating that a new barbecue grill will be repaired free of charge for the first two years after purchase.

There are two types of Guarantee i.e. Specific Guarantee which is for a specific transaction and Continuing Guarantee which is for a series of transactions. Specific Guarantee: A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee.

At law, the giver of a guarantee is called the surety or the "guarantor".The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or simply "the principal".

When used as a verb, to agree to pay another person's debt or perform another person's duty, if that person fails to come through.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.

1 : an undertaking to answer for the payment of a debt or the performance of a duty of another in case of the other's default or miscarriage. 2 : guarantee sense 3. 3 : guarantor. 4 : something given as security (see security sense 2) : pledge used our house as a guaranty for the loan.

Guarantee can refer to the agreement itself as a noun, and the act of making the agreement as a verb. Guaranty is a specific type of guarantee that is only used as a noun.