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

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What does contract of guarantee

Solution