The Modern Contract of Guarantee provides readers with a detailed reference work on the law of guarantees. The authors provide practical insights into areas such as the validity and construction of guarantees, how to avoid a guarantee being discharged and common difficulties with enforcement. The authors also provide drafting guidance and a useful comparative discussion of developments in England and Commonwealth countries. The 3rd edition: * Provides a practical guide to the law of guarantees in modern commercial practice * Covers all aspects of the contract of guarantee, from formation to discharge of liability, and the rights of the parties * Examines the meaning of clauses commonly inserted in guarantees, with detailed reference to case law * Discusses factors affecting the validity of the guarantee, such as duress and undue influence * Gives guidance on drafting contracts of guarantee * Looks at special principles applicable to guarantees which will lead to the guarantee being discharged and provides guidance on how to avoid common pitfalls * Advises on how the lender can guard against discharge of a guarantee * Considers problems the lender may have enforcing the guarantee * Looks at the rights of guarantors both before and after payment * Includes procedural aspects of the law for litigation New to this edition: * The updated edition updates the text to reflect legislative changes by Introduction of the Consumer Rights Act 2015, revocation of the Unfair Terms in Consumer Contracts Regulations 1999, and consequential amendments to the Unfair Contract Terms Act 1977. * Provides a new section on unfair relationships following updates to the Consumer Credit Act 1974 with discussion of key cases including Plevin v Paragon Personal Finance Ltd. * The chapter on demand bonds has been substantially revised to take account of many new developments in this area. * Other significant additions or revisions have been made to sections on: formalities and electronic communications; the duty of disclosure; construction of guarantees; scope and proof of liability (including misnomer and conclusive evidence clauses); variations and the "purview" concept; indemnification of guarantors; authorised guarantee agreements; arbitration clauses; contribution; marshalling. * Keeping with tradition of this work, the updated text includes references to new appellate and important first-instance decisions from around the common wealth. Over 30 notable new cases have been added covering a range of topics, including, but not limited to: advance payment bonds, letters of credit, drafting, severance and loan agreements.