Contract of Guarantee

Contract of Guarantee: A Tripartite Agreement

by
Contract of Guarantee: A Tripartite Agreement

Question: Contract of guarantee is a tripartite agreement. How? What are the rights and duties of surety? Answer: A contract of guarantee is a legal arrangement where one person (the surety) promises to take responsibility for another person’s debt or obligation if they fail to fulfill it. It is called a tripartite agreement because it … Read more

Bailment and Pledge

by
Bailment and Pledge

When the owner of goods (the bailor) gives them to another party (the bailee) for a specific purpose, with the understanding that the goods will be returned or otherwise disposed of once the purpose has been completed, this is referred to as Bailment. As security for a debt or obligation, the bailor (the pledgor) delivers … Read more