Ek Baat Hai Dil Me Mere Jubaan Pe Jo Aati Nahi - Payal Dev | Lyrics | Mp3 Download

Title Name  - Ek Baat Hai Cast/Starring - Vishal pandey, Kate Sharma Singer Name - Payal Dev Lyric - Kunaal Vermaa Print Lyri...

What is Contract of Guarantee | its Essentials of valid Guarantee and its types

Contract of Guarantee

it is contract to perform  the promises r discharge of  liability of a third person in case of default, thus under a contract of guarantee one person undertakes to perform the promises or to discharge a liability for and on behalf of third party.

Essentials of valid guarantee

  • dependence of surety or obligation on principal debtor default.
  • existence of principal debt .
  • principal debt need not to  be competent to a contract.
  • separate consideration for the contract of guarantee no essential .
  • no misrepresentation  or concealment ..
  • writing is not necessary ..

Kinds of contract guarantee

  1. absolute guarantee- it is promise to payment of  the contact.
  2. conditional guarantee- its enforceable immediately on the default.
  3. fidelity guarantee- it is given to good  conduct  of an employee is fidelity.
  4. guarantee for repayment of debt- guarantee given for repayment of debt.
  5. general guarantee- a general guarantee is a general promises to any accepting it to answerable for debt.
  6. special or specific or simple guarantee or limited guarantee-am addressed guarantee is addressed to a particular person.
  7. unlimited guarantee- an unlimited  guarantee is one which is unlimited  either is to payment or time .
  8. continuing guarantee- it is guarantee of number of transaction guarantee.

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