Guarantee In Contract Act 1872
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How to fill out Guarantee In Contract Act 1872?
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FAQ
Guarantee, in law, a contract to answer for the payment of some debt, or the performance of some duty, in the event of the failure of another person who is primarily liable. The agreement is expressly conditioned upon a breach by the principal debtor.
A "contract of guarantee" is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
Example 1 : When A requests B to lend `10,000 to C and guarantees that C will repay the amount within the agreed time and that on C falling to do so, he will himself pay to B, there is a contract of guarantee.
It is necessary that the contract of Guarantee must fulfill all the essentials required for a valid contract. i.e. Offer and acceptance, intention to create a legal relationship, Free consent, Lawful object and Lawful consideration.
A "contract of guarantee" is a contract to perform the promise, or discharge the liability, of a third person in case of his default.