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The Law of Suretyship and Guaranty provides a comprehensive survey and analysis of all aspects of suretyship and clearly describes the operation of the law. It also describes the common-law suretyship and guaranty principles in the recent Restatement of the Law and surveys contexts in which suretyship arises and incidents of the suretyship relationship. Particular attention is given to parties' rights and defenses that may frustrate the expectations of transactors. Coverage includes: The suretyship transaction Scope of suretyship Formation of suretyship contracts Standby letters of credit Statute of frauds Multiple secondary obligors Rights and duties of secondary obligors Suretyship defenses Commercial guaranty agreements Performance bonds Standby letters of credit Prevailing practices and recent caselaw