A "contract of guarantee" is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the "surety"; the person in respect of whose default the guarantee is given is called the "principal debtor", and the person to whom the guarantee is given is called the "creditor". A guarantee may be either oral or written.
Section 126: "Contract of guarantee", "surety", "principal debtor" and "creditor".
The Indian Contract Act, 1872Central Act · Act 9 of 1872
Where this provision sits
| Act | The Indian Contract Act, 1872 |
|---|---|
| Section | 126 |
| Marginal note | "Contract of guarantee", "surety", "principal debtor" and "creditor". |
| Jurisdiction | Central |
| Status | In force as published by the source |
| Judgments citing it | 4 |
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