Under the Indian Contract Act, 1872, a contract to perform the promise or discharge the liability of a third person in case of his default:-

Option A: is a contract of guarantee

Option B: is a contract of warranty

Option C: is a contract of indemnity

Option D: None of the above

Correct Answer

Option: a

Explanation

Section 126 of the Indian Contract Act, 1872: A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the “surety”; the person in respect of whose default the guarantee is given is called the “principal debtor”, and the person to whom the guarantee is given is called the “creditor”. A guarantee may be either oral or written.

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