Guarantees under misconception


THE word guarantee is used in different situations, where a person agrees to undertake the fulfilment of the obligation of another. One is where a person takes a loan and another is asked to guarantee the loan.

Another is where a person gets a scholarship and a guarantor is required. The person who is giving the guarantee is the guarantor. In the Contracts Act 1950, a guarantee is defined as follows:

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Opinion , Bhag Singh , columnist

   

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