What does the term 'Guarantee' signify?

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A form of surety or assuranceIt can also refer to the contract or duty imposed on the guarantorBoth of the above statements are correctNeither of the statements is accurateNo applicable option

Explanation

'Guarantee' primarily means a form of surety or assurance. Additionally, the term is used to describe the contract or obligation that the guarantor undertakes. Therefore, both statements are accurate.