Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

irrevocable guaranty

Read a random definition: traditio rei

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
MrThickRopes
15:28
Uhh
MrThickRopes
15:28
Yeah
MrThickRopes
15:28
Put dat beat on
MrThickRopes
20:27
I said PUT DA BEAT ON
20:31
mustard on da beat ho
22:14
im a slut for horse butt, #8 makes me feel great, horween makes my whore scream
22:20
catch me with this when I make partner
22:22
😍
22:24
Worth it
MrThickRopes
22:24
Uhhh
MrThickRopes
22:24
Yeaaah
MrThickRopes
22:25
Wake up in the morning gotta take a shit hop up in my lambo gotta take a shit headin to da club and i gotta take a shit poppin da champagne but i ruined it with shit
22:27
Woke up in the morning gotta thank god i dunno but today seems kinda odd no barking from the dog no smog mama cooked a breakfast with no hog i got my grub on but didn’t pig out finally got a call from a girl i wanna dig out
MrThickRopes
22:42
Wake up in the morning and i take a shit take off my pants cause they caked in shit go to da club and I’m finna get lit light up the blunt but it’s soaked in shit thrown on da curb because i took a shiiit
2:37
I fear you guys are not nearly locked-in enough
Why $0 at Harvard just to do litigation? Are you actually going to do your original plan post grad? @UncleIroh
12:48
U better be locked in as fuck to go to Harvard at sticker $600k debt is so nasty
dude is loaded if he’s getting 0 in aid from GMA
*hls fucking autocorrect
MrThickRopes
15:02
Bbbbbruhhhhhhh i jus realize
MrThickRopes
15:03
Getting into da law skool was da easy part
MrThickRopes
15:03
Now i gotta PASS da law skool?
MrThickRopes
15:03
🥀 🥀 🥀
MUSTAAAAAAAAAAAAAAARD
@UncleIroh: is that what u told zuko
what’s the name of kataras older brother i forget
18:07
Sokka deez nuts
LSD+ is ad-free, with DMs, discounts, case briefs & more.