gurantees (Bürgschaft) Flashcards
1
Q
guarantee
A
an assurance for the fulfillment of a condition
2
Q
guarantor
A
a person that agrees to be repsonsible for another’s debt or performance under a contract, if the other fails to pay or perform
only liable for the debts he has secured
3
Q
form of guarantee
A
it is a one sided formality
must be in writing
