GUARANTEE

a promise by one person to be answerable for the debt, default, or miscarriage of another. Originally at common law it need not be in writing, but the Statute of Frauds provided that ‘no action shall be brought whereby to charge the defendant upon any special promise to answer for the debt, default, or miscarriages of another person, unle the agreement upon which such action shall be brought or such memorandum or note thereof shall be in writing and signed by the party to be charged therewith, or some other person thereunto lawfully authorized.’