Answer-What does contract of guarantee means?

It means a contract to perform the guarantee or discharge the liabilities of the person just in case he fails to discharge such liabilities. In other words, a contractual arrangement in which one party gives a guarantee for another regarding the fulfillment of a promise or repayment of the debt when the latter fails to discharge the liability or perform the undertaking.

Question

What does contract of guarantee means?

A Contract for the delivery of goods by one person to another for some purpose

B Contract to perform the promise or to discharge the liability of a third person in case of his default

C Contract to perform the promise or to discharge the liability of a third person

D Contract where one party promises to save the other from any loss caused to him by the conduct of the promisor himself or by the conduct of any other person

Practice Next

More Other Laws and Acts Questions

Under Section 43 of the Sale of Goods Act, 1930, the seller's lien (right to retain goods):
Which section exempts certain persons from limitation, such as insane persons or those under legal guardianship?
An Advertisement in a news paper inviting tenders is:
What happens to suits and applications, including those under the Arbitration and Conciliation Act, 1996, related to a commercial dispute of a Specified Va...
Under Section 7 of the Environment (Protection) Act, 1986, no person carrying on any industry, operation or process shall:
Section 2(e) of the Environment (Protection) Act, 1986 links "hazardous substance" liability to harm to:
Which section of the Act provides definitions and interpretations?
When must the Defendant present a written statement of their defence in a civil suit?
The Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, has introduced a significant procedural reform where a person can be granted "Default Bail" if the inv...
Which section provides that Government Analyst reports "may be used as evidence of the facts stated therein in any proceeding under this Act"?

Hey! Ask a query

What does contract of guarantee means?

Detailed Solution

More Other Laws and Acts Questions

Hey! Ask a query

Please Register/Login