contract

Discuss the five ways of Discharging a surety from Contract of Guarantee

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Discuss the five ways of Discharging a surety from Contract of Guarantee

A surety involved in a guarantee contract may be released from their obligations under certain conditions. These conditions are designed to safeguard the surety from unjust responsibilities while ensuring that both the creditor and the principal debtor fulfill their duties. The following outlines the primary methods by which a surety can be released from the … Read more

What do you understand by the term Consideration? Discuss the exceptions to the rule “No consideration no contract.”

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Understanding Consideration and Its Exceptions to the Rule

Consideration can be defined as the value that one party offers in exchange for the promise of another party. A contract is deemed legally binding only when both parties are obligated to provide something of value to each other. This value exchanged is referred to as consideration, and it must be lawful to be recognized … Read more