In contract there are 3 parties namely the principal debtors, creditor and
surety
a) Indemnity b) Guarantee c) Contingent d) Legal
Answers
Answered by
8
Answer:
options be guarantee will be held in this case
Answered by
1
Answer:
The contract of guarantee is a contract that has three parties, namely the principal debtors, creditor, and surety
Explanation:
Indemnity bonds, Contingent bonds, and legal bonds are contracts between two people, that is, the promisor and the promisee. Only in the case of the contract of guarantee, there are three parties involved. They are as follows:
- The creditor who gives the loan.
- The debtor who takes the loan and
- The surety that acts as a guarantee. He would be the one who would be paying off the debt if the debtor fails to do so.
Hence, option B is the correct answer among the other options.
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