The Modern Contract of Guarantee, currently in its 3rd Australian edition, is regarded in Australia and New Zealand as the leading text on the subject of commercial credit and security. This English edition of a classic text has been re-written to emphasise English law, and focuses on the liability of a surety to pay a commercial debt if the principal borrower does not.Guarantees are often a vital security in financial and commercial transactions. This work will be essential to both those involved in drafting commercial contracts and those involved in litigation. Its coverage includes:* Analysis of the factors affecting the validity of the guarantee such as duress and undue influence and the liability of the lender for the acts of the principal borrower* Construction of guarantees and the meaning of clauses commonly inserted in guarantees* Special principles applicable to guarantees being discharged, and how the lender can guard against that eventuality* Difficulties in enforcing guarantees* Rights of guarantors, including rights of set off, indemnity and contribution.