In bank guarantee, the number of parties involved in the agreement are ..................... .
Three
A contract of guarantee under Sec. 126 of the Indian Contract Act, 1872 is a contract to perform the promise or discharge the liability of a third person in case of his default.
It involves three parties: the surety (the bank, which gives the guarantee), the principal debtor (the customer whose default is covered) and the creditor (the beneficiary in whose favour the guarantee is issued).
Hence, the answer is Three.
Similar Questions
Unless there is .................., there can be no contract.
Which one of the following is not an essential element of a valid contract as per section 10 of Indian Contract Act ?
The finder of goods has a right of .................... over the goods for his expenses.
Which of the following is not an example of implied consent for discharge of contract ?
Which among the below is essential for a valid contract of agency ?
Read Assertion (A) and Reason (R) and with the help to codes given below, point out the correct explanation :
Assertion (A) :
An acceptance is to a proposal what a lighted match is to a train of gunpowder.
Reason (R) :
Acceptance converts the offer into a promise and then it is late to remove.
Breach of contract can result in for :
A supplies the wife and children of B, a lunatic, with necessaries suitable to the style of their living. Whether A can claim the reimbursed from B’s property under which section of certain relations resembling those created by contract ?
The right of the power to redeem back the goods pledged continued till :
A frustrated contract is :
Important Questions from Indian contract acts, 1872
Which is the term used for a contract where both the parties to the contract have fulfilled their obligations under the contract?
As per Section 73 of the Indian Contract Act, 1872, in estimating the loss or damage arising from a breach of contract, what must be taken into account?
As per the Indian Contract Act, 1872, the revocation of a continuing guarantee by the death of a surety operates:
Unless there is .................., there can be no contract.
Which one of the following is not an essential element of a valid contract as per section 10 of Indian Contract Act ?
