Section 126 Indian contract Act, Sec 126 Contract Act
Next : Section 127 –> | <– Previous : Section 125
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.
Next : Section 127 –> | <– Previous : Section 125