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    Contract 2 Abstract

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    mridul1661008
    This document provides a synopsis of a student project on the role of surety in a contract of guarantee. It outlines the topic, type of research, literature reviewed, and scope of the project. The main issues to be dealt with are the liabilities and responsibilities of the surety to the principal debtor, creditor, co-surety, and how the surety can discharge its duties. The research methodology used is doctrinal research. The significance is understanding the surety's rights and duties according to different conditions in the contract of guarantee.

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    Contract 2 Abstract

    Uploaded by

    mridul1661008
    125 views4 pages
    This document provides a synopsis of a student project on the role of surety in a contract of guarantee. It outlines the topic, type of research, literature reviewed, and scope of the project. The main issues to be dealt with are the liabilities and responsibilities of the surety to the principal debtor, creditor, co-surety, and how the surety can discharge its duties. The research methodology used is doctrinal research. The significance is understanding the surety's rights and duties according to different conditions in the contract of guarantee.

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    description of role of surety in contract

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    This document provides a synopsis of a student project on the role of surety in a contract of guarantee. It outlines the topic, type of research, literature reviewed, and scope of the project. The main issues to be dealt with are the liabilities and responsibilities of the surety to the principal debtor, creditor, co-surety, and how the surety can discharge its duties. The research methodology used is doctrinal research. The significance is understanding the surety's rights and duties according to different conditions in the contract of guarantee.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    125 views4 pages

    Contract 2 Abstract

    Uploaded by

    mridul1661008
    This document provides a synopsis of a student project on the role of surety in a contract of guarantee. It outlines the topic, type of research, literature reviewed, and scope of the project. The main issues to be dealt with are the liabilities and responsibilities of the surety to the principal debtor, creditor, co-surety, and how the surety can discharge its duties. The research methodology used is doctrinal research. The significance is understanding the surety's rights and duties according to different conditions in the contract of guarantee.

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    DAMODARAM SANJIVAYYA NATIONAL LAW UNIVERSITY

    CONTRACT LAW - II
    SYNOPSIS OF PROJECT
    Name of Student: Mridul Prateek Singh
    Re!"t#at!on num$e#: 2013070
    To%!& of P#o'e&t: Role of surety in guarantee
    T(%e of Re)!e*: In the present context the method folloed is secondary re!ie as all sorts of
    information ha!e "een collected from secondary sources#
    L!te#atu#e Re)!e*: $he primary literature re!ieed hile doing this pro%ect is a study of the
    Indian &ontract 'ct( 1)72
    Rea"on" fo# "e+e&t!n t,!" to%!&: $he reason "ehind doing this case analysis is "ecause of
    getting a clear outlook of the role of surety this triparted *three ay contract+ contract
    here in this surety has the contract ith "oth Principal de"tor and &reditor hat are its
    duties toard "oth of them ho do he perform its part in different situation and ho
    could the surety discharge its duties toard ith "oth principal de"tor and creditor#
    S&o%e of t,e P#o'e&t: $his paper tends to study Section from 12,-1.7 different role of
    surety
    Ma!n !""ue" to $e dea+t *!t,: $he main issues that are to "e dealt in this pro%ect are the
    lia"ilities and responsi"ilities of a surety in a contract of guarantee ith principle de"tor(
    creditor( co-surety and discharge of duties of all those including his right ith others as ell#
    S%e&!a+ "!n!f!&an&e of t,e %#o%o"ed to%!&: special significance of surety rights and duties in
    the contract of guarantee a"out he discharge his orks according to different condition as per
    the contract
    Re"ea#&, Met,odo+o(: $he method of /octrinal Research has "een folloed#
    A-STRACT
    The Indian Contract Act, 1872 is one piece of legislation in India that has never been changed in
    the recent times and is still a good law that holds in the 21
    st
    century but this time we will put
    emphasis on the contract of guarantee with the role of sureties in the threeway agreement
    Contract of guarantee is basically consist of the creditor, the principal debtor and the surety There
    are three contracts in a contract of guarantee !irstly, the principal debtor himself ma"es a
    promise in favour of the creditor to perform the promise etc
    1
    #econdly, the surety underta"es to be
    liable towards the creditor if the principal debtor ma"es a default
    2
    Thirdly, an implied promise by
    the principal debtor in favour of the surety that in case the surety has to discharge the liability of
    the default of the principal debtor, the principal debtor shall indemnify the surety for the same
    $
    %hen a borrower and a guarantor both sign an agreement in favour of a ban", they are &ointly and
    severally liable under that contract
    '
    Thus how the role of surety comes in the e(istence in this
    tripartite contract

    1 Section 12, of Indian &ontract 'ct( 1)72


    2 Ibid
    3 Section 1.0( 'lso see )agpur )# *an" v +nion of India( 'IR 11)1 '#P# 103( at 10)#
    . #tate *an" of India v ,rem -ass, 'IR 111) /elhi .1#

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