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In part three of the tutorial on security and credit transactions, the focus is on the contract of guarantee and the contract of suretyship. The contract of guarantee involves a guarantor binding themselves to the creditor to fulfill the obligations of a principal debtor if the debtor fails to meet those obligations. It is categorized as an accessory contract, meaning it cannot exist independently of the principal obligation. A common example is when a guarantor is responsible for a loan if the principal debtor defaults. Additionally, the contract of guarantee can also be applicable for voidable or unenforceable obligations. This content is for educational purposes only and not a substitute for legal advice.
