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On whose default, the promise of discharge of liability is given in contract of guarantee ?
- a)Principal debtor
- b)Subsidiary debtor
- c)Principal guarantor
- d)All above
Correct answer is option 'A'. Can you explain this answer?
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On whose default, the promise of discharge of liability is given in co...
Explanation:
- Default: Default refers to the failure of the principal debtor to fulfill their obligations under the contract.
- Discharge of Liability: When the principal debtor defaults, the guarantor steps in to fulfill the obligations on their behalf.
- Promise of Discharge of Liability: In a contract of guarantee, the guarantor promises to discharge the liability of the principal debtor in case of default.
- Given on Principal Debtor: The promise of discharge of liability is given on the principal debtor, as it is their default that triggers the guarantor's obligation.
- Role of Subsidiary Debtor: The subsidiary debtor is not directly involved in the guarantee contract and does not bear the primary liability.
- Principal Guarantor: The principal guarantor provides the guarantee and promises to fulfill the obligations in case of default by the principal debtor.
- Conclusion: Therefore, the promise of discharge of liability in a contract of guarantee is given on the principal debtor.
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On whose default, the promise of discharge of liability is given in contract of guarantee ?a)Principal debtorb)Subsidiary debtorc)Principal guarantord)All aboveCorrect answer is option 'A'. Can you explain this answer?
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