S stands as a surety for the good conduct of P who is employed in a bank on a monthly salary of Rs. 5000. Discuss the liability of S in each of the following cases:
1.P misappropriates Rs. 1000 but the bank excuses him without informing S of P's misconduct. P again misappropriates Rs. 5000. Bank asks S to pay Rs. 5000.
2.Two months after, S gave notice revoking his guarantee. Five months after it is discovered that P has been continuously misappropriating Rs. 1000 per month. *
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Explanation:
- 5000. Discuss the liability of S in each of the following cases: 1.P misappropriates Rs. 1000 but the bank excuses him without informing
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