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Get Answers to all your Questions
A requests B to lend Rs. 20,000 to C and assures that C will pay back the sum within the agreed period. C fails to make payments. Decide.
C has to repay B
C has to repay A
A will repay B
None of the above
Answers (1)
A will repay B as per the agreement agreed between them under the Contract of guarantee. In this case, B is referred to as a creditor, C is recognised as a principal debtor, and A is referred to as the surety.Contract of Guarantee is typically required when one participant in a contract requires a loan, merchandise, or work opportunities. In such agreements, the guarantor makes sure the Creditor that the individual in need can be believed, and in the event of a default, the guarantor will assume the obligation to pay. Hence correct option is c.
