What is a Contract of Guaranty?
GUARANTY
By guaranty a person, called the guarantor, binds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so (Art. 2047, Civil Code)
NOT PRESUMED
A guaranty is not presumed; it must be express and cannot extend to more than what is stipulated therein (Art. 2055, Civil Code)
To be enforceable, the contract of guaranty must be IN WRITING since this is a special promise to answer for the debt, default or miscarriage of another (Art. 1403, Statute of Frauds).