GUARANTY

guarantee, guaranty

(noun) a collateral agreement to answer for the debt of another in case that person defaults

Source: WordNet® 3.1

Etymology

Noun

guaranty (plural guaranties)

(legal) An undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a warranty; a security.

Something serving as a security for such an undertaking.

An assurance or guarantee.

Verb

guaranty (third-person singular simple present guaranties, present participle guarantying, simple past and past participle guarantied)

Alternative form of guarantee

Source: Wiktionary

Guar"an*ty, n.; pl. Guaranies. Etym: [OF. guarantie, garantie, F. garantie, OF. guarantir, garantir, to warrant, to guaranty, E. garantir, fr. OF. guarant, garant, a warranter, F. garant; of German origin, and from the same word as warranty. See Warrant, and cf. Warranty, Guarantee.]

Definition: In law and common usage: An undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a guarantee; a warranty; a security.

Guar"an*ty, v. t. [imp. & p. p. Guarantied; p. pr. & vb. n. Guarantying.] Etym: [From Guaranty, n.]

Definition: In law and common usage: To undertake or engage that another person shall perform (what he hass stipulated); to undertake to be answerable for (the debt or default of another); to engage to answer for the performance of (some promise or duty by another) in case of a failure by the latter to perform; to undertake to secure (something) to another, as in the case of a contingency. See Guarantee, v. t.

Note: Guaranty agrees in form with warranty. Both guaranty and guarantee are well authorized by legal writers in the United States. The prevailing spelling, at least for the verb, is guarantee.

Source: Webster’s Unabridged Dictionary 1913 Edition