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Simple English definitions for legal terms

irrevocable guaranty

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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

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ronniedoeslaw
13:02
You can make your dream a reality
NosyBeagle
13:19
never had an lsat/law dream before and i never want one
never had law dreams but i do have a lot of work dreams
13:37
I had an LSAT dream that I scored like a 112
13:40
i had a dream that i was playing outside on a hill and my mom loved me
13:45
@ronniedoeslaw: upset the score was lower than my PTs
ronniedoeslaw
13:49
@NemoPropheta: don’t get down on yourself, that’s a dream score for many. The fact you’re scoring high on your PTs is a good sign. Do something today to relax and take your mind off of it. Probably subliminally showing how stressed you are about it, which is okay bc same
most ppl score lower than their pts their first time fwiw
13:54
I definitely saw that. My first and second time fwiw^
NosyBeagle
13:56
@BruceSutter: dream you forgot to put their name on the test
14:00
it’s technically my third time, my first two times were like 3 years ago tho
I've had multiple dreams that the LSAT score I have currently was revoked/removed by LSAC lmfao
14:00
didn’t study at all and didn’t do well
14:00
I had a dream the other day that I was on a boat and a shark was like scratching at my leg with its teeth
14:00
he just wanted to help exfoliate you
14:00
I was going ow ow ow
14:01
He was tenderizing it I think
14:01
sounds like great personal statement material
14:01
Starting my personal statement I have a dream
14:02
Guys give me a book recommendation and I will give you my opinion on it or you
READ MOBY DICK
14:03
Good one. My ex gave me a copy of this book but he tore out a page and used it to roll a joint
14:05
based
14:05
Im rereading the Stormlight Archive rn since Wind and Truth came out
14:06
You’re one of those guys. I probably will never read a Brandon Sanderson book bc im so attached to my contrarianism
ronniedoeslaw
14:06
Richest man of Babylon probably still one of my all time favs
14:07
This one seems cool you’re prob a chill ass dude
My Brilliant Friend, Elena Ferrante
14:08
BrandoSando isnt a good writer but he makes good easy reading fantasy, he’s basically JK Rowling for adults
14:09
I read the my brilliant friend series and thought it was pretty good
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