Guarantee contracts

The subject of our work is about the guarantee contracts. Guarantee contracts are personal guarantees that are frequently used in practice, as they provide a wide range of assurance and liquidity. However, it has not been defined by the lawmaker and has not been directly subject to positive legal regulations. For this reason, the definition, legal characteristic, distinction from similar legal relationships, adjudgements and consequences of warranty contracts have been shaped by the practices of the supreme court and suggestions in the doctrine. In the first part of our study, the definition, components, legal characteristic, establishment, parties, validity conditions and types of the guarantee contract will be discussed. Additionally, its controversial features will be discussed and the bank letters of guarantee, which is a special type of the guarantee contract, will be mentioned. In the second part, the distinction of the guarantee contract from the suretyship contract, joint indebtedness, cumulative assumption of debt for collateral, a conditional donation agreement, aval, contract of mandate and insurance contract; the criterias used in the distinction and the differences in terms of legal relations will be discussed. In the third part, the rights and obligations of the parties in the guarantee agreement, the changes of parties in the contracts and the effects of these changes on the guarantee contract, the expiration of the guarantee contract and the statute of limitations will be discussed, and various discussions in doctrines and the practices of the supreme court on these issues will be emphasized.