Offer to Guarantee Law and Legal Definition
Offer to guarantee means to present for acceptance or rejection of a guarantee. It is not a guaranty but, a step in making of a contract of guaranty.
When an offer to guaranty is made, the implication is that notice of the act which constitutes an acceptance of it shall be given in a reasonable way. [Bishop v. Eaton, 161 Mass. 496 (Mass. 1894)].
A mere offer to guarantee is not binding until notice of its acceptance is communicated by the guarantee to the guarantor, but an absolute guaranty is binding upon the guarantor without notice of its acceptance. [Abbott v. National Bank of Commerce, 176 Okla. 629 (Okla. 1936)].
