Contracts Project.docx - Final Project made in Partial Fulfilment of the course Contracts II during the academic session 2017-18 Semester III On RIGHTS

Contracts Project.docx - Final Project made in Partial...

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Final Project made in Partial Fulfilment of the course Contracts - II during the academic session 2017-18, Semester III. On RIGHTS OF SURETY AGAINST THE CREDITOR Submitted to: - Dr. Vijay Kumar Vimal Lecturer of Law Submitted by: - Piyush Raj Roll No. - 1545 C HANAKYA NATIONAL LAW UNIVERSITY, NYAYA NAGAR, MITHAPUR, PATNA-800001, BIHAR, INDIA
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P a g e | 2 TABLE OF CONTENTS ACKNOWLEDGEMENT …………………………………………………………3 AIMS AND OBJECTIVES ………………………………………………………...4 HYPOTHESIS ………………………………………………………………………5 RESEARCH METHODOLOGY …………………………………………………..6 INTRODUCTION …………………………………………………………………..7 ESSENTIALS OF A VALID CONTRACT OF GUARANTEE…………………..8 TYPES OF GUARANTEE…………………………………………………………..9 DISTINCTION BETWEEN CONTRACTS OF INDEMNITY AND CONTRACTS OF GUARANTEE….……………………………… ................................................... 11 RIGHTS OF SURETY………………………………………………………………13 RIGHTS OF SURETY AGAINST THE CREDITOR...…………………………..14 CONCLUSION ………………………...…………………………………………….16 BIBLIOGRAPHY……………………………………………………………………18
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P a g e | 3 ACKNOWLEDGEMENT I would like to thank my faculty Dr. Vijay Kumar Vimal, whose assignment of such a relevant and current topic made me work towards knowing the subject with a greater interest and enthusiasm and moreover he guided me throughout the project. I owe the present accomplishment of my project to my friends, who helped me immensely with sources of research materials throughout the project and without whom I couldn’t have completed it in the present way. I would also like to extend my gratitude to my parents and all those unseen hands who helped me out at every stage of my project.
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P a g e | 4 AIMS AND OBJECTIVES The researcher had aimed to: 1. Study about the Contract of Guarantee and the essentials of it. 2. Study about the distinction between Contracts of Indemnity and Contracts of Guarantee. 3. Study about the Rights of the Surety Against the Creditor.
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P a g e | 5 HYPOTHESIS The researcher had believed that: 1. The Surety has several rights against the Principal Debtor, the Creditor and the Co- sureties. 2. A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship entered into, whether the surety knows of the existence of such security or not.
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P a g e | 6 RESEARCH METHODOLOGY The researcher has primarily relied on the doctrinal method. Doctrinal Methods refer to Library research, research or processes done upon some texts writings or Documents, legal propositions and Doctrines, Articles, Books as well as Online Research and Journals relating to the subject. Non-Doctrinal Method refers to non - conservative ways of research i.e. field work, interviews, questionnaire, interacting with people and getting answers etc. This project is an intensive one so doctrinal method is needed to arrive at concrete conclusions. The research is based on comprehensive study of sources like text books, journals, articles, web sources etc .
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P a g e | 7 INTRODUCTION Guarantee is security in form of a right of action against a third party called the surety or the guarantor. The English law defines a ‘guarantee’ as a ‘promise to answer for the debt, default or
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