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  • X contracts to sell 10 kg of rice to Y on credit for Rs. 5,000. Z, Y’s friend, promises X rupees 5,000 if

X contracts to sell 10 kg of rice to Y on credit for Rs. 5,000. Z, Y’s friend, promises X rupees 5,000 if Y does not pay or fails to pay rupees 5,000.In this case,

Option: 1

X is the creditor, Y is the principal debtor, and Z is the surety in this case.


Option: 2

X is principal debtor, Y is creditor.


Option: 3

Z is creditor, Y is principal debtor.


Option: 4

X is surety.


Answers (1)

best_answer

 

Surety – The person who gives the guarantee is referred to as the surety.

Principal Debtor – The person whose default the guarantee is provided for is referred to as the principal debtor.

Creditor – The creditor is the person to whom the guarantee is given.

So,X is the creditor, Y is the principal debtor, and Z is the surety in this case. Hence correct option is a.

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Nehul

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