Statute of Frauds 1677: Section 4 requires guarantees to be in writing and signed by the guarantor or their authorized representative. This is a fundamental requirement for the validity of any guarantee agreement.
Contract Law Amendment Act 2015: Primary legislation governing general contract formation principles applicable to guarantee agreements under English and Welsh law.
Consumer Rights Act 2015: Provides additional protections if the guarantor is a consumer, including specific fairness requirements for contract terms. Must be considered when drafting guarantees for consumer guarantors.
Unfair Contract Terms Act 1977: Sets limitations on exclusion clauses and establishes reasonableness requirements for contract terms. Essential for ensuring the enforceability of guarantee provisions.
Common Law Contract Formation Principles: Fundamental principles including offer and acceptance, consideration, intention to create legal relations, and capacity to contract. These form the basis of a valid guarantee agreement.
Doctrine of Undue Influence and Duress: Legal principles particularly relevant to guarantee relationships, protecting guarantors from improper pressure or influence in entering the agreement.
Financial Services and Markets Act 2000: Regulatory framework applicable when the guarantee is related to financial services, including specific requirements and restrictions.
Companies Act 2006: Governs corporate capacity, authority requirements, and registration requirements when the guarantor is a company. Essential for corporate guarantees.
Insolvency Act 1986: Addresses the effects of guarantor insolvency and rights of creditors in insolvency situations. Critical for understanding the enforcement and limitations of guarantees.
