An absolute guaranty is one by which the guarantor unconditionally promises payment or performance of the principal contract on default of the principal debtor or obligor. The most usual form of an absolute guaranty is that of payment, such as the payment of commercial paper. A guaranty is deemed to be absolute unless its terms import some condition precedent to the liability of the guarantor. In order to bind the guarantor under an absolute guaranty, it is not necessary that there should be notice of acceptance of the guaranty, or notice of the default of the principal, or that any steps should be taken to enforce the contract that is guaranteed against the principal. [Wall v. Eccles, 61 Utah 247 (Utah 1922)].