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Who is protected under the contract of guarantee ?
- a)guarantor
- b)creditor
- c)third person
- d)debtor
Correct answer is option 'B'. Can you explain this answer?
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Who is protected under the contract of guarantee ?a)guarantorb)credito...
Protected Parties under Contract of Guarantee:
- Guarantor: The guarantor is the individual or entity who provides the guarantee to the creditor that the debtor will fulfill their obligations. They are protected under the contract of guarantee as they are the ones taking on the responsibility if the debtor fails to fulfill their obligations.
- Creditor: The creditor is the party to whom the guarantee is provided. They are protected under the contract of guarantee as it ensures that they will receive the payment or performance promised by the debtor, even if the debtor defaults.
- Third Person: In some cases, a third person may also be protected under the contract of guarantee if they have a vested interest in the performance of the debtor. This could include situations where the third person is a beneficiary of the debtor's obligations.
- Debtor: While the debtor is not directly protected under the contract of guarantee, they benefit indirectly as the guarantee provides assurance to the creditor, which may result in better terms or conditions for the debtor in the underlying transaction.
By understanding the roles and responsibilities of each party involved in a contract of guarantee, it becomes clear that the primary parties protected under the contract are the guarantor and the creditor. The guarantee serves to ensure that the creditor receives the payment or performance owed to them, while also providing the guarantor with certain protections and rights in the event of default by the debtor.
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Who is protected under the contract of guarantee ?a)guarantorb)creditorc)third persond)debtorCorrect answer is option 'B'. Can you explain this answer?
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