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Simple English definitions for legal terms

revocable guaranty

Read a random definition: landmark

A quick definition of revocable guaranty:

A revocable guaranty is a promise made by one person to pay a debt 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 guarantor can cancel or end the guaranty without needing anyone else's permission. However, the guaranty must be in writing and is only valid if the other parties agree to it.

A more thorough explanation:

A revocable guaranty is a type of guarantee in which the guarantor has the right to terminate the agreement without the consent of any other party involved. A guaranty is a promise made by one party to another to pay a debt or perform a duty if the primary obligor fails to do so.

For example, if a business owner takes out a loan from a bank, the bank may require a guarantor to ensure that the loan will be repaid. If the guarantor signs a revocable guaranty, they can terminate the agreement at any time, even if the business owner has not defaulted on the loan.

Another example of a revocable guaranty is a lease agreement. A landlord may require a guarantor to ensure that the rent will be paid on time. If the guarantor signs a revocable guaranty, they can terminate the agreement at any time, even if the tenant has not defaulted on the rent.

These examples illustrate how a revocable guaranty gives the guarantor the right to terminate the agreement without the consent of any other party involved. This type of guaranty provides flexibility for the guarantor, but it also creates uncertainty for the creditor or lender who relies on the guaranty for security.

revocable | revocable letter of credit

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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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