guarantee
guarantee, defined:
an assurance that some obligation will be met. The term, guarantee, is common to contracts where it solemnizes an obligation one party to pay for the debts of another.
guarantee, as it might be used:
A co-signor on a loan makes a guarantee of payment.
An example of guarantee:
Looking to sell his old sedan, Fergus places a for-sale sign in the back window and parks the car on the street. A college student from the neighborhood offers to buy the car if Fergus will be willing to accept payments. Fergus agrees under the condition that the student's parents will guarantee the loan.
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Clear-Point Law Dictionary
