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Contract of guarantee, surety, principal debtor and creditor (Defined)

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Contract of guarantee, surety, principal debtor and creditor (Defined)

Section 126, under Chapter VIII of The Indian Contract Act, 1872 defines the Contract of guarantee, surety, principal debtor and creditor.

A ‘contract of guarantee’ is a contact to perform a promise, or discharge a liability, of a third person in case of his default. The person by whom the guarantee is given is called as the ‘surety’, the person in whose respect the default the guarantee is given is known as the ‘principal debtor’, and the person to whom the guarantee is given is known and called as the ‘creditor’. A guarantee can either be a oral or a written one.

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