Search results
Results from the WOW.Com Content Network
In finance, a surety / ˈ ʃ ʊər ɪ t i /, surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee ) a certain amount if a second party (the principal ...
The Guarantee Clause mandates that all U.S. states must be grounded in republican principles such as the consent of the governed. [17] By ensuring that all states must have the same basic republican philosophy, the Guarantee Clause is one of several portions of the Constitution which mandates symmetric federalism between the states.
The Guarantee Clause, also known as the Republican Form of Government Clause, is in Article IV, Section 4 of the United States Constitution.It requires the United States to guarantee every state a republican form of government and provide protection from foreign invasion and domestic violence.
The United States Constitution and its amendments comprise hundreds of clauses which outline the functioning of the United States Federal Government, the political relationship between the states and the national government, and affect how the United States federal court system interprets the law. When a particular clause becomes an important ...
Pacific States Telephone & Telegraph Co. v. Oregon, 223 U.S. 118 (1912), was a decision of the Supreme Court of the United States involving the constitutionality of the citizens' initiative and the enforceability of the Guarantee Clause of the Constitution.
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
The demand guarantee bridges the "gap of distrust" that exists between the parties. When the bank issues the demand guarantee, the beneficiary deals with a party whose financial strength he can trust and a party which would pay upon first demand regardless of an existing dispute between the parties on the performance of the underlying contract. [5]
Luther v. Borden, 48 U.S. (7 How.) 1 (1849), was a case in which the Supreme Court of the United States established the political question doctrine in controversies arising under the Guarantee Clause of Article Four of the United States Constitution (Art.