Q-) hae Ox LLB See A Sem 2 ie dol vianean Wn | Comtvact of Quavi 2 Am 2. Section Bl of the Indian eawtvact act defines A. eantvacrt of guarantee as a contvact 40 ene the promise ov discharoe the Val Talal of the defaulting, pach im case he fails to fulfill Wis promise. Thus herve we can infer tat theve dhe 3 parties. HO Ae Cat A teaser Oe howe ene eee ee Principal Delstoy - The one who Vorwows ow is Valle to {pay awd on ulange de-sautt the auavantee is qvew value to Yor and stands ee athe pavannenct for such a Haine and to whom the quavawtee is E i ayvew = L! T cfs Quavanto - The person who aives tne uevantee to pay iw case of default of the principal _devioeA\ustvation —Or agent encou ee dent oe Muacny agenen ie contact gets terminated \ Principal should Wave theae sl explain the picnic. ca partners to See mM — coanpertna, \wsimess Vo AMS Seetion He (I) of the Indian Parchership Act, 182 a Comctwersnip \aw), imposes certain vestviections Yat alls an ouctaina, _parctmer +o cance tw a \siness and _ Advertise it, which competes with the partnership finn However, it vestvierts hima frome ed —* Using the wame of the partnership fin =n > Representing himself as a partner of the fim ie 1% Stictting the custom of persons who were dealing mane the fin vefore he ceased to ve a partner, ___ Seertion He (2) tales alact an aaveement iw ___ vestvaint of tvade According to tris sulgsection, a1 top Parhier vodu wnake, An _aaveement wih his [ae poaea that when he ceases + Ye a parnew of —_the fim, he will wot cae om ae \siness similar toAnat of the form witnin a specified peviod om lea\ ——_ \wirts. This is wrtvitstanding anetining cawtaimed Seection 2:7 of the Indian Contvact Act, E12. B+ What ave the Riqts 4 Duches of Partners? Amt Duties of Pavtnews: ee ion of rock deeEN Snmuld indemnity ste! fiom for Ai lass Batty do indemnify for fraud ____ Seerton 16 of the Indian Pactnerslip Act, 132,aS) fw ndemvithy v lie “pacty, aavees tH ZA aoe S caused. Wheveas, the term a party assuves the other party | promise ov undertake the iat whic 2 weeded to Ve fulfiled oy the secand party | w case, he/she defaults to do the same. 12.5 The term indents is defined undew Seertion _ BS ae of the Indian Cortvact Act, 1672. The term _ Quavawtee is defined undew Seertion Be of the. Indian Contvactt Act se tw indewancy theve ave one two parties = finvalied who ave the indemmifier and the lindemuited. Ina quavawtee theve ave three _ parties involved who ave the eveditor, saved and the principal delrton. “i Sice theve ave. ml tuo oe to sihemnity there is male weed for me contract vetween _ “them Since theve ave thvee parties to the _ — emwtvact there ave three contvacts ewteved wrthin the parties to me arte.5. The Vaal of the promisw of an indemnity is, — pana iw wetuve since the cortvact exists _ Vertween tuo of tose parties The lavlitty of the _ promis is secmdary in the case of a guarantee — AS Aivd party aavees to fulfil the promise im __ case the principal devi fails to do so. o &, The purpose of Av indewrunityy is to compensate __ for the Iss wheveas the purpase of a quavantee is to fulfl the promise and. assuve the promisow to. do the same in case of a defautt_ 1. The Natalie in An indenantiy is when the jeanne nce eer and if | it even ccemrs iw the _ futuve. The Valet, in a quavawtee abcendey exists.