Rights & Liabilities of Co-Sureties | Section-138,144,146,147 | Contract of Guarantee (Contract Act)

Hey Everyone!

In this video the concept of "Contract of Guarantee" is explained with reference to Rights and Liabilities of Co-Sureties alongwith illustrations of the Indian Contract Act 1872.
Following provisions of the Indian Contract Act relate to Rights and Liabilities of Co-Sureties:
》Section-138 Release of one co-surety does not discharge others
》Section-144 Guarantee on Contract that creditor shall not act on it until co-surety joins
》Section-146 Co-Sureties liable to contribute equally
》Section-147 Liability of Co-Sureties bound in different sums

My courses

• Contract Act 1872 (General Contract)

Link of previously covered chapters is below
1) Contract of Indemnity (Section-124)

2) Contract of Indemnity (Section-125)

3) Contract of Guarantee (Section-126)

4) Essentials of a valid contract of guarantee (Section-127,142,143)

5) Nature of surety's liability (Section-128)

6) Rights of Sureties (Section-140,141,145)

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Hope you have enjoyed and learned in an easy way

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#contractact#section138,144,146,147#rightsofsurety#contractofguarantee

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[syedimranakhtar]

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[mamtarayareddi]

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[nelsondmello]

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[namangoyal]

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Sale of goods act

[manavgargxiic]

Only hope for understanding commercial law🙃