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A guaranty is a collateral promise to answer for the debt or obligation of another. Usually, the written guaranties are signed by individuals who own small businesses that are not credit worthy. They are given in association with such things as business loans, business leases or business purchase orders.
In Florida, the elements of an action for breach of a guaranty arise from a debtor’s default and the guarantor’s subsequent failure to pay. The rules governing contracts apply generally to guaranty contracts. Thus, the three elements of breach of contract in Florida: (1) valid contract, (2) a material breach, and (3) damages, are the relevant elements of a guaranty.
If you are seeking to enforce a guarantee or are attempting to defend a claim associated with a guarantee, it is important to retain qualified counsel to effectively present your position to the trier of fact in your case.Contact Us
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of contract, commercial and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.