THE ESTABLISHMENT AND DEVELOPMENT OF THE INSTITUTION OF GUARANTEE IN CIVIL LAW
Atpresent, contracts and transactions take on a decisive role in allpossible spheres of life. Contractual relations have become the basis for the economic development of both the state as a whole and the individual citizen. Civil law has provided such method of execution obligations as a surety, in order to avoid negative consequences arising from the violation by a party of the contract of its obligations, such as loss of the creditor's property in a situation of irresponsible behavior of the counterparty to the transaction, insolvency of the debtor, liquidation of the legal entity-debtor, death of the citizen-debtor, and much more. The study of surety seems to be unthinkable without referring to the history of origin and development, the prerequisites leading to the formation and main functions of this institution of civil law. Traditionally, surety is considered one of the ancient ways of securing civil obligations. Roman law is the foundation of modern legal systems, which is why the institution of surety derives its roots from it, where it finds its wide application. Since then, the meaning of this method of securing obligations has remained the same: the surety (thirdparty), in a situation when the debtor does not fulfill his obligations to the creditor, is responsible for him.