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Whose consent is necessary in the contract of guarantee ?
- a)Surety
- b)Creditor
- c)Debtor
- d)All the above
Correct answer is option 'D'. Can you explain this answer?
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Consent in the Contract of Guarantee
- Surety: The consent of the surety is necessary in the contract of guarantee. The surety is the party who guarantees the repayment of the debt or performance of the obligation in case the debtor fails to do so.
- Creditor: The consent of the creditor is also essential in the contract of guarantee. The creditor is the party to whom the debt is owed or who is entitled to the performance of the obligation. They rely on the guarantee for the fulfillment of the debt or obligation.
- Debtor: The consent of the debtor may also be required in certain cases. The debtor is the party who owes the debt or is obligated to perform a certain task. Their consent may be necessary if the guarantee affects their rights or obligations.
- All the Above: Ultimately, the consent of all parties involved - the surety, creditor, and debtor - is crucial in the contract of guarantee. Each party plays a vital role in the guarantee agreement, and their agreement ensures the validity and enforceability of the contract.
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Whose consent is necessary in the contract of guarantee ?a)Suretyb)Creditorc)Debtord)All the aboveCorrect answer is option 'D'. Can you explain this answer?
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