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Description

The period since the publication of the last edition of this work, in September 2016, has been one of evolution rather than revolution for the law on guarantees. Even so, over 50 new cases have been included in this edition, spread across all chapters. As with previous editions, the book also covers significant decisions from the major Commonwealth jurisdictions (Australia, Canada, New Zealand, and Singapore). The most important legislative developments have been the entry into force of the Insolvency Rules 2016 and the changes wrought by Brexit. The nature of the UK’s relationship with the EU beyond the transition period remains uncertain at the time of writing. Brexit’s impact to-date on guarantees principally concerns matters of jurisdiction and choice of law. Some of the notable changes to this edition are as follows. In Chapter 2, the material on formation has been restructured. In Chapter 3, the sections on forgeries and execution of guarantees have been revised. Chapter 4 covers new decisions on the statutory regulation of unfair terms so far as it affects guarantees. It also records recent developments in vitiating factors in the general law of contract, in particular, in duress and illegality. In Chapter 5 there is new material on construction and the scope of the guarantee. In Chapter 6, the sections on assignment and on the effect of termination of the principal contract have been condensed and expanded, respectively. The revisions to Chapter 7 address the relationship between the variation rule and cognate principles, and the in applicability of the rule to contracts of indemnity. Chapter 8 adds material on the creditor’s duty to perfect securities and on the effect of the creditor’s bad faith or fraud towards the guarantor. Chapter 9 notes some new decisions on revocation of guarantees.
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Contents
Part 1 : Formation and Validity
1. Definition and Distinctions
2. Formation of the Contract of Guarantee
3. Formal Requirements
4. Factors Affecting Validity
Part 2 : Liability and Discharge
5. The Scope of the Guarantor’s Liability
6. Discharge from Liability Determination of the Principal Transaction
7. Discharge from Liability by Reason of the Creditor’s Conduct towards the Principal
8. Discharge from Liability by Reason of the Conduct in Relation to the Guarantor
9. Discharge from Liability by the Determination of the Guarantee
Part 3 : The Rights of the Parties
10. Rights of the Creditor
11. Rights of the Guarantor before Payment
12. Rights of the Guarantor after Payment
Part 4 : Guarantees in Particular Contexts
13. Demand Bond
14. Suretyship in Private International Law
Index
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Author Details
Dr Wayne Courtney, National University of Singapore
Acknowledging the original work, in respect of earlier editions,
Dr John Phillips, Professor of English Law, King’s College, London, Barrister of the Middle Temple
Dr James O’Donovan, Professor of Law at the University of Western Australia