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From The Collaborative International Dictionary of English v.0.48:
Guaranty \Guar"an*ty\, v. t. [imp. & p. p. Guarantied; p. pr. & vb. n. Guarantying.] [From Guaranty, n.] In law and common usage: To undertake or engage that another person shall perform (what he has stipulated); to undertake to be answerable for (the debt or default of another); to engage to answer for the performance of (some promise or duty by another) in case of a failure by the latter to perform; to undertake to secure (something) to another, as in the case of a contingency. See Guarantee, v. t. [1913 Webster] Note: Guaranty agrees in form with warranty. Both guaranty and guarantee are well authorized by legal writers in the United States. The prevailing spelling, at least for the verb, is guarantee. [1913 Webster]