Characteristics of contract of guarantee, Business Law and Ethics

Characteristics of Contract of Guarantee

(a) There have be three parties: as the creditor, as the debtor and as like the surety or like guarantor.

(b) There have be as a primary liability where in some person other than the guarantor; like such the guarantor must subsist liable merely secondarily, such to pay whether the debtor does not be pay.
However the assumption of personal legal responsibility is not essential in as a guarantee. Further the provision of safety is enough: like Re Conley.

(c) The guarantor is completely unconnected about the contract except through means of his promise to such for discharge the debtor's liability whether he does not do like.

(d)Have to be evidenced through some note or like memorandum.

Posted Date: 2/2/2013 7:48:46 AM | Location : United States







Related Discussions:- Characteristics of contract of guarantee, Assignment Help, Ask Question on Characteristics of contract of guarantee, Get Answer, Expert's Help, Characteristics of contract of guarantee Discussions

Write discussion on Characteristics of contract of guarantee
Your posts are moderated
Related Questions
RE LONDON AND GENERAL BANK:           An auditor represented a confidential report to the directors calling their attention to the insufficiency of the securities in which the

You are an audit manager in Ecco & Co, a firm of Chartered Accountants. At the monthly audit managers' meeting, the following client situation was reviewed and discussed. Ecco &

Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the

Following are different time zones in which the issue of Jammu & Kashmir could be divided: 1. 1947: when the dispute came up 2. 1948-1957: when the matter goes to UN, the su

XYZ Ltd has 1000 members and it has adopted a constitution. Matt is one of the directors of XYZ Ltd. Matt has made a gift of $10,000 to his wife, Melissa out of the Company's funds

What is the meaning of Pareto inefficient outcomes Policy coordination is, therefore, designed to avoid Pareto inefficient outcomes. In absence of a supranational authority tha

Private Bill - categorization of law: In fact order 120 offers like whereas leave to proceed is granted the promoters shall:; as a. First is pay to the Clerk a fee of £10 f

Rule in Turquands case: This statement can be reduced to two propositions which constitute what is compositely known as "the rule in Turquand's case", namely:; i. A person

Protection of Hirer - Sales of Goods In the S.7 of the Act makes certain provisions void whether they are contained in such the hire purchase agreement, like e.g.: 1) Any t

Need for research Design: a. It facilities the smooth sailing of the various research operations thereby making research as efficient as possible yielding maximal inf