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Bailment

A bailment is a contract of transaction where one person in a contractual relationship delivers goods to another person for some purpose, upon a contract that they are, when the purpose is accomplished to be returned or otherwi...
 
 
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Rights of Surety

A surety has certain rights against the creditor, the principal debtor and the co-securities that are: Surety’s rights against the creditor: A surety is entitled to the benefit of every security which the creditor has aga...
 

 
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Kinds of Guarantee

There are two types of guarantee namely, specific guarantee and continuing guarantee. A contract of guarantee is for a specific or future debt.  A specific guarantee is for a single debt and comes to an end when the debt guara...
 
 
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Extent of Surety’s liability

The liability of the surety is co-extensive with that of the principal debtor unless the contract otherwise provides (Section 128). A creditor is not found to proceed against the principal debtor. He can sue the surety without ...
 
 
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Distinction between Indemnity and Guarantee

There are some of the distinctions between Indemnity and Guarantee. Although they have similarities like they both should support the essentials of a contract. A contract of indemnity differs from a contract of guarantee in the...