niche credit, inc., is one of cut-rite notching corporation's two major creditors. niche guarantees cut-rite's debt to the firm's other major creditor, manufacturers capital bank, to forestall litigation. to be enforceable, this guarantee

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19-12-2022
Business

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niche credit, inc., is one of cut-rite notching corporation's two major creditors. niche guarantees cut-rite's debt to the firm's other major creditor, manufacturers capital bank, to forestall litigation. to be enforceable, this guarantee

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qwapple qwapple · Answer 1 · 2022-12-26T06:06:29+01:00

To be enforceable, this guarantee need not be in writing if it benefits Niche Credit.

More broad and important than either warranty or "security," guarantee is a legal phrase. It most frequently refers to a private transaction in which one person agrees to be accountable for another in order to gain their trust, confidence, or credit.

It may also refer to a treaty that secures claims, rights, or property. In contrast to the commonly used term "personal guarantee," a guarantee is a legal concept that has an economic impact.

A commitment made by an individual that is backed by or assured through their word (speak enough) is referred to as a personal guarantee, in contrast.

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