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In this tutorial's third part on security and credit transactions, the focus is on the contracts of guarantee and suretyship. A contract of guarantee involves a guarantor who agrees to fulfill the obligations of a principal debtor if the debtor fails to do so. It is considered an accessory contract, dependent on a principal obligation. A typical scenario is a guarantor responsible for a loan repayment if the principal debtor defaults. Additionally, contracts of guarantee can also cover situations involving voidable or unenforceable obligations. The tutorial emphasizes that the information provided is for educational purposes and should not replace legal advice, encouraging viewers to subscribe for more content.
