Question

X & Y go into a shop, X tells the shopkeeper “ let Y have the goods and if he does
not pay, I will. What kind of a contract is the above. Would it make any difference to
your answer if X had told the shopkeeper “let Y have the goods I will see that you
are paid”. Outline the nature of the above two contracts.

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Concept :

According to Section 126 of the Indian Contract Act, 1872, the term "primary debtor" refers to a person for whom a guarantee is granted in a contract of guarantee to pay back the sum if he defaults. As an illustration, "A" borrows money from "B," and if "A" doesn't repay it on time, "C" swears to pay back the borrowed money.

Explanation:

• Indian Contract Law, 1872's Section 126 defines "Contract of Guarantee," "Surety," "Principal Debtor," and "Creditor."
• A "contract of guarantee" is an agreement to fulfil a third party's promise or release them from their obligation in the event of a breach.
• The individual providing the guarantee is referred to as the "surety," the individual whose default the guarantee is issued in respect of is referred to as the "primary debtor," and the individual to whom the guarantee is given is referred to as the "creditor."
• A guarantee may be expressed verbally or in writing

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