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In this video, John Gallagher from Argon Law discusses the key points about personal guarantees. He emphasizes that, generally, one person is not liable for another's debts, even if they are a spouse, partner, or child. However, signing a personal guarantee makes you legally responsible for their obligations. It's crucial to carefully read contracts and agreements before signing, paying attention to terms like guarantee, guarantor, promise, or personal capacity. Once signed, disputing the terms can be challenging, especially if you haven't reviewed the fine print. Understanding these implications is essential before agreeing to act as a guarantor.