Forms Of Guaranty. Insurance. Guaranty
Description
This section is from the book "Hill's Manual Of Social And Business Forms: A Guide To Correct Writing", by Thos. E. Hill. Also available from Amazon: Hill's Manual Of Social And Business Forms: The How-To-Do-Everything Book Of Victorian America.
Forms Of Guaranty. Insurance. Guaranty
A GUARANTY (sometimes spelled guarantee) is a written promise that a person will do as he has promised, or that on his default, the guarantor will pay all damages. The person who guarantees the performance of another is called the guarantor. The person to whom the pledge is made is called the guarantee.
The liability, in such a case, first rests upon the person who is guaranteed by another; and, secondly, if the first person fails, the individual who gives the guaranty is held to the same extent as the other. The consideration for giving the pledge should be either named or expressed as "for value received."
The laws recognize guarantees of any contract that may be legally made, and aid in enforcing them.
The following forms will serve to show how they may be drawn, and some of their uses.
Form Of Guaranty On The Back Of A Note
For value received, I hereby guarantee the payment of the within note.
Fort Wayne, Ind., May 20, 1883. JOHN HOOVER.
A Father's Guarantee of His Son's Fidelity as an Apprentice.
(Written on the back of the Contract of Apprenticeship.) In consideration of the performance of the agreements and covenants specified in the within indenture (or agreements) by Marcus. Moran with my son, Allen Ellis, I do hereby bind myself to the said Marcus Moran for the true and faithful observation and performance of all matters and things by the said Allen Ellis agreed and covenanted therein, and that he shall well and truly serve the said Marcus Moran.
Witness my hand this twenty-second day of November, A.D. 1882.
PARKER ELLIS.
Guarantee For The Performance Of A Contract For Labor
For a good and valuable consideration by us received, we, the undersigned, do hereby guarantee a faithful compliance with the terms of the above (or within) agreement, upon the part of the said contractor, William Hawkins. Done at Kenosha, Kenosha county, and State of Wisconsin, this tenth day of December, A. D. 1882.
Signed, sealed and delivered in presence of Richard Sloan, Mart Ann Sloan.
ROBERT N. MORRIS,-(seal)-THOMAS WILMOT.-(seal)-
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