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In this tutorial, part three on the law of security and credit transactions, the focus is on the contract of guarantee and the contract of suretyship. The presenter emphasizes that this content is for educational purposes only and not a substitute for legal advice. A contract of guarantee involves a guarantor binding themselves to the creditor to fulfill the principal debtor's obligations if the debtor fails to do so. This type of contract is an accessory to a principal obligation, meaning it cannot exist independently. The most common scenario is when the principal debtor fails to repay a loan, prompting the guarantor to fulfill that obligation. The contract of guarantee can also apply to voidable or unenforceable obligations.