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a) Explain the meaning of contract of guarantee according to the provisions of the Indian Contract Act 1872 and (b) State the position of Mr. Alok in this regard.

a) Explain the meaning of contract of guarantee according to the provisions of the Indian Contract Act 1872 and (b) State the position of Mr. Alok in this regard.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Mr. Ram has given his residential property on rent amounting to Rs. 30,000 (Rupees Thirty Thousand) per month to Mr. Shyam. Mr. Alok becomes the surety for payment of rent by Shyam. Subsequently, without Mr. Alok’s consent, Mr. Shyam agreed to pay higher rent to Mr. Ram. After a few months of this, Shyam defaulted in paying rent.

(a) Explain the meaning of contract of guarantee according to the provisions of the Indian Contract Act 1872 and

(b) State the position of Mr. Alok in this regard.
 
 
 
 
 
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