Question
What are the types of
Guarantees?Solution
There are two types of contract of guarantee i.e. Specific guarantee and continuing guarantee. When a guarantee is given only for single debt or transaction and is to come to an end when the guaranteed debt is paid or the promise is duly performed, it is called a specific or simple guarantee. A guarantee which extends to a series of transactions is called a continuing guarantee. In this case the surety’s liability would continue till all the transactions are completed or till the guarantor revokes the guarantee as to the future transactions.
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Under the SARFAESI Act, 2002, the "Secured Creditor" refers to:
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Under Section 2(ac) of the Securities Contracts (Regulation) Act, 1956, which of the following is EXCLUDED from the definition of "Derivatives"?
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Section 221 provides that for offences under Section 67 BNSS where the parties are married—
According to Sale of Goods Act, 1930 “goods”
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