138. Release of one co-surety does not discharge other. Where there are co-sureties, a release by the creditor of one of them does not discharge the others neither does set free the surety so released from his responsibility to the other sureties. Read Contract Act in a systematic way. ReadRead…
139. Discharge of surety by creditor’s act or omission impairing surety’s eventual remedy. If the creditor does any act which is inconsistent with the right of the surety, or omits to do any act which his duty to the surety requires him to do, and the eventual remedy of theRead…
140. Rights of surety on payment or performance. Where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has taken place, the surety upon payment or performance of all that he is liable for, is invested with all the rights which theRead…
141. Surety’s right to benefit of creditor’s securities. A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship entered into, whether the surety knows of the existence of such security or not; and ifRead…
142. Guarantee obtained by misrepresentation, invalid. Any guarantee which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and assent, concerning a material part of the transaction, is invalid. Read Contract Act in a systematic way. Read Contract Act each section wise. Download beautiful,Read…
143. Guarantee obtained by concealment, invalid. Any guarantee which the creditor has obtained by means of keeping silence as to material circumstances, is invalid. Illustrations- (a) A engages B as clerk to collect money for him. B fails to account for some of his receipts and A in consequence callRead…
144. Guarantee on contract that creditor shall not act on it until co-surety joins. Where a person gives a guarantee upon a contract that the creditor shall not act upon it until another person has jointed in it as co-surety, the guarantee is not valid that other person does notRead…
145. Implied promise to indemnify surety. In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee, but no sums which he has paidRead…
146. Co-sureties liable to contribute equally. Where two or more persons are co-sureties for the same debt or duty, either jointly or severally, and whether under the same or different contract, and whether with or without the knowledge of each other the co-sureties, in the absence of any contract toRead…
147. Liability of co-sureties bound in different sums. Co-sureties who are bound in different sums are liable to pay equally as far as the limits of their respective obligations permit. Illustrations- (a) A, B and C, as sureties for D, enter into three several bonds each in a different penaltiesRead…
148. “Bailment”, “bailor” and “bailee” defined. A “bailment” is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them. The person deliveringRead…
149. Delivery to bailee how made. The delivery to be bailee may be made by doing anything which has the effect of putting the goods in the possession of the intended bailee or of any person authorised to hold them on his behalf. Read Contract Act in a systematic way.Read…
150. Bailor’s duty to disclose faults in goods bailed. The bailor is bound to disclose to the bailee faults in the goods bailed, of which the bailor is aware, and which materially interfere with the use of them, or expose the bailee to extraordinary risk; and if he does notRead…
151. Care to be taken by bailee. In all cases of bailment the bailee is bound to take as much care of the goods bailed to him as a man of ordinary prudence would, under similar circumstances, take of his own goods of the same bulk, quantity and value asRead…
152. Bailee when not liable for loss, etc, of thing bailed. The bailee, in the absence of any special contract, is not responsible for the loss, destruction or deterioration of the thing bailed, if he has taken the amount of care of it described in section 151. Read Contract ActRead…
153. Termination of bailment by bailee’s act inconsistent with conditions. A contract of bailment is voidable at the option of the bailor, if the bailee does any act with regard to the foods bailed, inconsistent with the conditions of the bailment. Illustration- A lets to B, for hire, a horseRead…
