126. “Contract of guarantee”, “surety”, “principal debtor” and “creditor”.
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.
Read Contract Act in a systematic way.
Read Contract Act each section wise.
Download beautiful, mobile friendly Contract Act PDF.
WritingLaw offers important Bare Act PDFs, Law Notes, Law Q&As, Law Articles, Law MCQ Tests, and more.
Latest posts by WritingLaw (see all)
- Section 70 BNS (Bharatiya Nyaya Sanhita) - 1st January 2026
- Section 71 BNS (Bharatiya Nyaya Sanhita) - 1st January 2026
- Section 72 BNS (Bharatiya Nyaya Sanhita) - 1st January 2026
