Difference Between Guaranty and Guarantee
Guaranty vs Guarantee
“Guaranty” and “guarantee” are two English words which are differentiated on the basis of their being a verb and a noun. In modern times, the usages have changed, and the word “guaranty” is commonly used in legal terms more so than in the common, non-legal English language. “Guarantee” is the noun whereas “guaranty” is the verb. Though the usage of the word “guaranty” has become obsolete and is used as just a variant of the word “guarantee.”
Dictionary meanings of Guaranty
“Guaranty” means “something given by someone to another person as a security.” For example,
“The engagement ring is the guaranty between two people that they will soon get married.”
“Guaranty” is the undertaking of an action where one is answerable to another for the payment of a debt by a third person. It can be undertaken for the performance of some specific duty when the other miscarries it. For example,
“The professor of the college took guaranty of his brightest student, who was poor, that he would pay off the loan from the bank in five years’ time.”
“Guaranty” also refers to the protection of somebody’s right according to the Constitution or by legal provision.
In modern times, “guaranty” is used mainly in banking or financial contexts. It is rarely or almost never used in non-legal usages.
Dictionary meanings of Guarantee
“Guarantee” means “an assurance given by one party to another for fulfilling a condition.”
“Guarantee” refers to the agreement between two parties where one party secures from the other party some possession.
It also refers to quality assurance given by one party or person to another for a specific period of time. This assurance is basically in case of sale and includes a reimbursement if the quality is not met. For example, “The refrigerator came with a guarantee of three years.”
In giving the assurance of quality, the word “guarantee,” which is a noun here, is used. It is almost always used for warranties and other quality assurance performances.
1.“Guaranty” is an English word which is used in modern times most commonly in the context of finance and legal language; “guarantee,” on the other hand, is most commonly used in the context of quality assurance for a product and its warranty. It includes the chance of reimbursement in case the product is not up to the standards on the quality front.
2.“Guarantee” is the noun whereas “guaranty” is the verb. The usage of the word “guaranty,” however, has become obsolete and is used as just a variant of the word “guarantee.”
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