Statute of Frauds 1677: Section 4 requires guarantees to be in writing and signed to be legally enforceable. This is a fundamental requirement for any guarantee or indemnity agreement.
Consumer Credit Act 1974: Regulates consumer credit relationships, including guarantees. Specifies requirements for form and content of agreements and provides consumer protections when the guarantee relates to consumer credit.
Unfair Contract Terms Act 1977: Places restrictions on exclusion clauses and requires terms to pass a reasonableness test. Essential consideration for drafting fair and enforceable guarantee terms.
Consumer Rights Act 2015: Applies when one party is a consumer. Imposes requirements for fairness and transparency in contract terms and provides additional consumer protections.
Contract Law Fundamentals: Common law principles covering offer, acceptance, consideration, intention to create legal relations, and capacity. These form the basic requirements for a valid contract.
Guarantee-Specific Principles: Common law principles specific to guarantees including co-extensiveness with principal obligation, rights of subrogation, and conditions for discharge of guarantor.
Financial Services and Markets Act 2000: Relevant when the guarantee relates to regulated financial activities. Imposes additional regulatory requirements and protections.
Money Laundering Regulations 2017: Sets out due diligence requirements that may be relevant when establishing guarantee relationships, particularly in commercial contexts.
Misrepresentation Act 1967: Governs the consequences of false statements made during contract formation. Relevant for statements made to induce guarantee agreements.
Limitation Act 1980: Establishes time limits for enforcement of contractual rights, including those under guarantees and indemnities.
