Namma Kanoonu
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📘 What is a Contract of Guarantee? As per Section 126 of the Indian Contract Act, 1872, a Contract of Guarantee is a contract to perform the promise or discharge the liability of a third person in case of his default. 🔹 Three Important Parties: ✔️ Creditor – The person to whom the guarantee is given ✔️ Principal Debtor – The person whose default is covered ✔️ Surety – The person who gives the guarantee ⚖️ The liability of the surety arises only when the principal debtor defaults. 📝 A guarantee can be: • Oral • Written 📌 Example: When a bank gives a loan to a borrower and a third person promises to repay if the borrower fails — that is a Contract of Guarantee. Understand law in a simple and practical way with Namma Kanoonu – Legal Education for All. 📞 For LLB Classes & Notes: 9591573526 / 9972799641 #NammaKanoonu #LegalEducation #LawStudents #LawLife #FutureLawyers #LegalAwareness #AcademyOfLeaders #JusticeForAll #IndianLaw #LegalStudies #LawAspirants #EducationForAll #LegalTraining #SuccessInLaw #LawCommunity #AdvocateLife #LegalLearning #LawMotivation #StudyLaw #LegalCareer #EmpowerThroughEducation #LawSchoolLife #LearnLeadSucceed #NammaKanoonu, #Trendingshorts, #Viralvedio, #Movies, #Advocate, #Motivational, #Comedy, #Lawclassinkannada, #SBNlawkannada, #Kitadikiran, #Onekannadachannel, #ಕಾನೂನುಮತ್ತುಜೀವನ, #Kslutarget, #LnCPro, #VPK, #Advocatemanjunath, #AnilkumarKTA, #udaysinghlegal, #Abijinalawseries, #AdvocateABkadapatti, #Learnlawinkannada, #instantlaw, #Ganesh, #Advocateswathi, #AbhijnaLawSeries, #PriyaJain, #STUDYIQ, #STUDYIQJudiciary, #LearnwithFinology, #mutualconscentdivorceinkannada, #Properupdates, #Propertyregistrationinkannada, #documentsscrutiny, #✏ನನ್ನ ಆರ್ಟ್ #🧠 ಸಾಮಾನ್ಯ ಜ್ಞಾನ & ಕರೆಂಟ್ ಅಫೇರ್ಸ್ 🧠 #🎓 ಪರೀಕ್ಷೆ/ಉದ್ಯೋಗ ಸೂಚನೆ 🎓 #education #law