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Promise to Answer for the Debt, Default, or Miscarriage of Another
Understanding the Promise to Answer for the Debt, Default, or Miscarriage of Another
Definition & Meaning
A promise to answer for the debt, default, or miscarriage of another refers to a commitment made by a person who is not already liable for a debt. This promise aims to ensure that the obligations of the original debtor are met. If a person makes such a promise without it being documented in writing, it is generally considered invalid. This legal concept is significant in ensuring that third-party guarantees are formally recognized and enforceable.
Table of content
Legal Use & context
This term is primarily used in civil law contexts, particularly in contract law. It often arises in situations involving loans, credit agreements, or guarantees where one party agrees to take responsibility for another's debt. Users may encounter this concept when dealing with legal forms related to loan agreements or guarantees, and they can utilize templates from US Legal Forms to create legally binding documents.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A friend agrees to co-sign a loan for another friend who is purchasing a car. This co-signing is a promise to answer for the debt if the primary borrower defaults.
Example 2: A business owner asks a family member to guarantee a business loan. If the family member does not provide a written promise, their commitment may not be enforceable. (hypothetical example)
State-by-state differences
State
Key Differences
California
Requires written agreements for guarantees to be enforceable.
New York
Similar requirements; specific forms may be mandated for certain types of debts.
Texas
Enforcement of oral promises is limited; written documentation is crucial.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Suretyship
A legal relationship where one party agrees to be responsible for another's debt.
Suretyship typically involves a formal contract and may include additional obligations.
Indemnity
A promise to compensate for loss or damage incurred by another.
Indemnity focuses on compensation, while a promise to answer for debt is about assuming liability.
Common misunderstandings
What to do if this term applies to you
If you are considering making a promise to answer for someone else's debt, ensure that the agreement is documented in writing. You can find templates on US Legal Forms to help you create a legally binding document. If you are unsure about the implications of such a promise, it may be wise to consult with a legal professional.
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