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Contract Of Guarantee & Bailment
What is a contract of guarantee as defined under the Indian Contract Act, 1872?
A contract of guarantee is a contract to perform the promise or discharge the liability of a third person in case of his default, involving three parties: surety, principal debtor, and creditor.
What are the three parties involved in a contract of guarantee?
Creditor, principal debtor, and surety.
Who is a surety in a contract of guarantee?
A surety is the person who gives the guarantee, i.e., the person who undertakes to be liable if the principal debtor fails to fulfill his obligation to the creditor.
Who is a creditor in a contract of guarantee?
The person to whom the guarantee is given.
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