South Dakota Codified Laws 56-1-11. Guaranty of incomplete contract
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In a guaranty of a contract, the terms of which are not then settled, it is implied that its terms shall be such as will not expose the guarantor to greater risks than he would incur under those terms which are most common in similar contracts at the place where the principal contract is to be performed.
Terms Used In South Dakota Codified Laws 56-1-11
- Contract: A legal written agreement that becomes binding when signed.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
Source: SDC 1939, § 26.0107.