Uniform Commercial Code (UCC): Key sections include Article 3 (Negotiable Instruments) and Article 5 (Letters of Credit), particularly UCC ยง 5-102 and ยง 5-108 regarding guarantees and performance obligations.
Federal Trade Commission Act: Federal legislation governing fair business practices that must be considered in performance guarantee terms.
Magnuson-Moss Warranty Act: Federal law that applies if the performance guarantee relates to consumer goods, setting standards for warranty terms.
Truth in Lending Act: Federal regulation that must be considered if the guarantee includes financial terms or credit arrangements.
State Contract Laws: State-specific requirements for contract formation, enforcement provisions, and Statute of Frauds requirements vary by jurisdiction.
State Guarantee Laws: State-specific regulations governing guarantee validity, enforcement limitations, and notice requirements.
Surety Bond Laws: State regulations applicable if the guarantee functions as a surety bond, including specific requirements for commercial sureties.
Statute of Limitations: Time limitations for bringing legal actions related to the guarantee, which vary by state and type of claim.
Bankruptcy Code: Federal bankruptcy law implications for guarantees, including enforceability and priority in bankruptcy proceedings.
Consumer Protection Laws: State and federal consumer protection regulations that may apply if the guarantee involves consumer transactions.
Industry-Specific Regulations: Specific regulations that may apply depending on the industry sector (e.g., construction, financial services, manufacturing).
