Mr. Saurabh Uttam Kamble, LLB, Symbiosis Law School, Pune
ABSTRACT
In contrast to the law of indemnity, the Indian Contract Act, of 1872 codifies the law of guarantee in great detail. In particular, the Act very thoroughly establishes the position of the "Surety" under the contract of guarantee. When it comes to the role of the "surety" under the guarantee contract, many of the clauses relating to it are so intermingled with one another that they require a holisticinterpretation. The character of ‘surety’ undergoes ‘multiple personalities’ in the legal system very considerably, and the law recognizes this multifaceted personality of the ‘surety’ through very precise rules. Judicialinnovation, in addition to the codified law, is what supports the surety's multifaceted identity. This paper identifies and critically appraises those characters of the surety defined under the Indian Contract Act, of 1872 in addition to judicial creativity which supports these multiple personalities.
Keywords: Contract, Guarantee, Surety, Multiple-personality, Judicial Creativity.
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