ICA

Question 0

Section 125

Answer 0

Rights of indemnity holder

Question 1

Section 124

Answer 1

Contract of indemnity

Question 2

Section 126

Answer 2

Contract of guarantee

Question 3

Section 127

Answer 3

Any benefit derived by principal debtor or anything done to PD is sufficient consideration to surety in giving guarantee

Question 4

Section 128

Answer 4

Liability of surety- coextensive with liability of PD

Question 5

Section 129

Answer 5

Continuing guarantee- guarantee may be given for the entire transaction subject to certain limit

Question 6

Section 130

Answer 6

Revocation of continuing guarantee { revocation by notice}

Question 7

Section 131

Answer 7

Death of surety

Question 8

Section 133

Answer 8

Variance in the terms of contract {discharge of surety}

Question 9

Section 134

Answer 9

Release of PD by creditor from liability {discharge of surety}

Question 10

Section 135

Answer 10

Compounding or compromising with PD {discharge of surety}

Question 11

Section 139

Answer 11

Acts of creditor impairing surety’s remedy {discharge of surety}

Question 12

Section 2(d)

Answer 12

Consideration

Question 13

Section 17

Answer 13

Fraud