AIBE XI — December 2017 — Q.66 (Indian Contract Act, 1872)

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Q.66

Contract, Specific Relief, Property & NI Act Medium Knowledge-Based

Bare Act Indian Contract Act, 1872 · Section 126-128

Which of the following is not an essential of a Contract of Guarantee:

A Concurrence of three parties

B Surety’s distinct promise to be answerable

C Liabilities to be legally enforceable

✓ Existence of only one contract Answer

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Explanation & Strategy

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A contract of guarantee requires: (1) principal debtor, (2) creditor, (3) surety (guarantor), (4) a principal debt, and (5) consideration. The option that is NOT an essential — such as writing requirement for all guarantees — is the answer.

At a Glance

Subject Contract, Specific Relief, Property & NI Act

Difficulty Medium

Act Indian Contract Act, 1872

Section Section 126-128

Answer (D) Knowledge-Based

Paper AIBE XI — December 2017

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