The legal nature of a guarantee requires that there be a valid contract of guarantee between the surety and guarantee. It is a contract whereby the guarantor promises the actual or potential creditor of their promise to be responsible to him in addition to the principal debtor for the due performance by the principal debtor of his existing or future obligations to the creditor, if the principal debtor fails to perform those obligations.
– Nwodo, JCA. OLAM v. Intercontinental Bank (2009)