Minnesota  |  Business Law

Legal Question

Asked on: 10/19/13, 4:27 am

If somone signs a guarantee that is labeled 'unconditional and absolute' to guarantee a transaction, but the condition of the transaction was not followed, is the guarantor liable for the loss sustained by the party who drafted the guarantee and the transaction? In this case funds were to be deposited into an escrow account but this was not done and the funds were absconded with.

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