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How many parties are there in contract of guarantee ?
- a)One
- b)At will
- c)Three
- d)Two
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
How many parties are there in contract of guarantee ?a)Oneb)At willc)T...
Parties in a Contract of Guarantee:
- Principal Debtor: This is the person who is primarily responsible for fulfilling the terms of the contract.
- Creditor: The party to whom the guarantee is given, usually a lender or creditor.
- Surety: This is the party who provides the guarantee or assurance that the principal debtor will fulfill their obligations. The surety is secondary liable to the creditor.
Explanation:
- There are three parties involved in a contract of guarantee - the principal debtor, creditor, and surety.
- The principal debtor is the one who has the primary obligation to fulfill the terms of the contract.
- The creditor is the party to whom the guarantee is provided, usually a lender or creditor who is extending credit.
- The surety provides the guarantee and agrees to be liable if the principal debtor fails to fulfill their obligations.
- Each party plays a crucial role in ensuring the fulfillment of the contract and protecting the interests of all parties involved.
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How many parties are there in contract of guarantee ?a)Oneb)At willc)Threed)TwoCorrect answer is option 'C'. Can you explain this answer?
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