Statute of Frauds 1677: Key legislation requiring guarantees to be in writing and signed to be legally enforceable. Section 4 is particularly relevant for guarantee agreements.
Contracts (Rights of Third Parties) Act 1999: Governs how third parties may enforce terms of the guarantee agreement and their rights under the contract.
Unfair Contract Terms Act 1977: Regulates exclusion and limitation clauses in business-to-business contracts, ensuring fairness in contractual terms.
Consumer Rights Act 2015: Applies when the guarantor is a consumer, providing additional protections and regulations regarding unfair terms.
Limitation Act 1980: Establishes statutory time limits for enforcing guarantee obligations and bringing claims.
Financial Services and Markets Act 2000: Relevant when the guarantee is connected to regulated financial activities.
Companies Act 2006: Governs corporate guarantors, including requirements for corporate capacity and authority to provide guarantees.
Corporate Insolvency and Governance Act 2020: Addresses the treatment of guarantees in insolvency situations and corporate restructuring.
Money Laundering Regulations 2017: Sets out due diligence requirements that may be applicable when establishing guarantee agreements.
Common Law Principles: Fundamental legal principles including consideration, offer and acceptance, and intention to create legal relations that must be satisfied for a valid guarantee.
