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In this tutorial's third part on security and credit transactions, the focus is on the contract of guarantee and the contract of surety. A contract of guarantee involves a guarantor agreeing to fulfill the obligations of a principal debtor if the debtor fails to do so. This contract is considered an accessory contract, meaning it cannot exist without a principal obligation. A common example is when the principal debtor does not repay a loan, the guarantor is responsible for the payment. Additionally, the contract of guarantee may also apply to voidable or unenforceable obligations. Reminder: this content is for educational purposes and does not replace legal advice.
