Abstract
The term in general, covers all contracts according to which a person takes over a risk faced by another person. A risk is the possibility of an event which is economically detrimental to occur. Some of the guaranty contracts include the obligation to place a pledge upon a movable, an immovable, a credit or an enterprise and thus provide the creditor with a guaranty in kind. When they are fulfilled (implemented) by a delivery, by registration, by transfer of claims or endorsement of pledge, the creditor acquires a real right and the creditor will be able to collect the debt with priority from certain property belonging to the debtor or to a third person. In contracts of personal guaranty, the personal guarantor will be liable with all his distrainable patrimony. Principal kinds of such contracts are cautionment, contract of guaranty, joint debt, insurance contract, documentary letter of credit and order of credit whose legal character is controversial.
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