This document discusses contracts of guarantee under Indian contract law. It defines a contract of guarantee as an agreement where a surety promises to perform or discharge the liability of a principal debtor in case of default. The three parties to a contract of guarantee are the surety, principal debtor, and creditor. A guarantee must involve the consent of all three parties and the existence of a valid underlying liability. The document also outlines types of guarantees, the liability of the surety, ways a surety can be discharged, and distinguishes contracts of guarantee from contracts of indemnity.
The presentation deals with Special contract in general and CONTRACT OF INDEMNITY ,
CONTRCAT OF GUARANTEE,
(SEC. 126 TO 147 )
CONTRACT OF BAILMENT and
CONTRACT OF PLEDGE in particular
The presentation deals with Special contract in general and CONTRACT OF INDEMNITY ,
CONTRCAT OF GUARANTEE,
(SEC. 126 TO 147 )
CONTRACT OF BAILMENT and
CONTRACT OF PLEDGE in particular
Contract of guarantee - Legal Environment of Business - Business Law - Manu M...manumelwin
According to Section 126, “a contract of Guarantee is a contract to perform the promise or to discharge the liability of a third person in case of his default.”
Contract of indeminity - Legal Environment of Business - Business Law - Manu ...manumelwin
To indemnify means to compensate or make good the loss. According to Section 124 of the contract Act, “A contract of indemnity a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person.”
Special contracts,indemnity,guarantee,bailment,Pledge, agency, modes of creation of agency, sale of goods, hire purchase, rules of transfer of property in goods, delivery of goods, rights of an unpaid seller, auction sale, agency by estoppel,ratification,operation by law, express agreement, implied authority, agency by holding out, agency by necessity, Calicut MBA, MG University MBA
Contract of guarantee - Legal Environment of Business - Business Law - Manu M...manumelwin
According to Section 126, “a contract of Guarantee is a contract to perform the promise or to discharge the liability of a third person in case of his default.”
Contract of indeminity - Legal Environment of Business - Business Law - Manu ...manumelwin
To indemnify means to compensate or make good the loss. According to Section 124 of the contract Act, “A contract of indemnity a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person.”
Special contracts,indemnity,guarantee,bailment,Pledge, agency, modes of creation of agency, sale of goods, hire purchase, rules of transfer of property in goods, delivery of goods, rights of an unpaid seller, auction sale, agency by estoppel,ratification,operation by law, express agreement, implied authority, agency by holding out, agency by necessity, Calicut MBA, MG University MBA
Critical Appraisal of Section 124 & 125 of Indian Contract Act, 1872.pptxtaxguruedu
Indemnity in a literal sense means protection against loss. In an indemnity contract, one party – the indemnifier – promises to reimburse some other party – the indemnified – for the damage experienced by the other.
contract of guarantee is a legal agreement in which one party, known as the "surety" or "guarantor," agrees to take on the financial responsibility for the debts or obligations of another party, known as the "principal debtor," in case the principal debtor fails to fulfill their obligations. This concept is primarily governed by the Indian Contract Act, 1872, which defines and regulates contracts of guarantee.
The presentation deals with Indemnity and guarantees comprising indemnity, different rights, guarantee, surety, principal debtor, creditor, an essential element of valid guarantee, indemnity vs guarantee, nature, and extent of surety's liability, types of guarantee, discharge of guarantee, rights of security, etc.
1. Contract of Indemnity (special contracts).pptxmirzareesha29
The PPT explains the contract of indemnity, a part of special contract syllabus in the course of B.A. LL.B. It helps students understand the concept of indemnity in Indian contract act and its relationship with guarantee.
Special contracts of indemnity and guarantee - Legal aspects of managementsaranshjain50
This slide covers the Contract of Indemnity and Contract of Guarantee.
What is a contract of Indemnity
What is a contract of Guarantee
Case studies
Special types of contracts form legal aspects of management or business law.
This slide is very useful for the students studying business law covering in-depth information.
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In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
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PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
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You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
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Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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2. Contracts of Guarantee
Sec 126 deals with contract of guarantee.
As per this section contract of guarantee is a contract
to perform the promise, or discharge the liability of
the third person in case of his default.
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3. Parties to
Contract of Guarantee
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;
The person to whom the guarantee is given is called
the Creditor.
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4. Essentials of
Contract of Guarantee
Tripartite Agreement
Consent of Three Parties
Existence of Liability
Essentials of Valid Contact
Guarantee not to be Obtained by Misrepresentation
Guarantee not to be Obtained by Concealment (any
guarantee which the creditor has obtained by means of keeping silence
as to material circumstances is invalid)
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5. Types of Guarantees
Specific Guarantee: It covers only one transaction
or objective, is limited to a certain sum of money
and is limited as to time.
Continuing Guarantee: It covers a series of
transactions subject to the limit as mutually agree
upon irrespective of the payments towards the
advance and irrespective of the fluctuations of the
balance in the debtors account.
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6. Liability of Surety
According to sec 128 the liability of the surety is co
extensive with that of the principle debtor, unless
otherwise provided by the contract.
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7. Discharge of Surety
By notice of revocation
By death of surety
By novation (new contract)
By variance in terms of contract
By release or discharge of Principal Debtor
By agreement
Loss of Security
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8. Contract of Indemnity vs.
Contract of Guarantee
Basis Contract of Indemnity Contract of Guarantee
No. of Parties Two Three
No. of
Contracts
One Three
Undertaking Indemnifier undertakes to
save the indemnity holder
from any loss.
The Surety undertakes for
the payment of debts of
principal debtor.
Nature of
Liability
The liability of indemnifier
is primary and
unconditional.
The liability of Surety is
secondary and conditional.
Nature of
Event
In case of contingency Only on the non
performance of an existing
promise
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