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In this video, John Gallagher from Argon Law discusses five essential points regarding personal guarantees. Firstly, while one person is generally not liable for another's debts, signing a personal guarantee makes you legally responsible for someone else's obligations. Secondly, it's crucial to thoroughly read and scrutinize contracts before signing, as terms like "guarantee," "guarantor," "promise," or "personal capacity" can indicate significant implications. Notably, it’s challenging to contest a signed document, especially if you haven’t reviewed the fine print. The video emphasizes understanding the legal and financial risks involved when acting as a guarantor for someone, whether a spouse, partner, or child.
