offer to guarantee

A step in the making of a contract of guaranty. An offer to guarantee the obligation of a third party is not a guaranty. The assent of the parties is essential to a guaranty, and for such assent there must be an offer by one party and an acceptance of it by the other. An offer to guarantee is but a step in the negotiations leading up to the contract; the guaranty is the finished product of the negotiations. 24 Am J1st Guar § 34.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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