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Bare acts > Indian Contract Act, 1872 > Section 126
 
  


 

126. "Contract of guarantee", "surety", principal debtor" and "creditor" .– 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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