Discharge of Surety from Liability | Contract of Guarantee (Contract Act 1872)

Hey Everyone! In this video the concept of "Contract of Guarantee" is explained with reference to Discharge of Surety from Liability alongwith illustrations of the Indian Contract Act 1872. Following provisions of the Indian Contract Act relate to modes of Discharge of Surety from liability: 》Section-130 Revocation of Continuing Guarantee 》Section-131 Revocation of Continuing Guarantee by surety's death 》Section-133 By variance in terms of Contract 》Section-134 By release or discharge of principal debtor 》Section-135 When creditor compounds with, gives time to, or agrees not to sue, principal Debtor 》Section-137 Creditors forbearance to sue does not discharge surety 》Section-139 By creditors act or omission impairing surety's eventual remedies 》Section-141 Surety's right to benefit of creditors security 》Section-62 By Novation My courses • Law of Torts :    • Law of Torts   • Contract Act 1872 (General Contract)    • Contract Act 1872 (General Contract)   Link of previously covered chapters is below 1) Contract of Indemnity (Section-124)    • Contract of Indemnity | Section-124 (Contr...   2) Contract of Indemnity (Section-125)    • Contract of Indemnity | Section-125 (Contr...   3) Contract of Guarantee (Section-126)    • Contract of Guarantee defined | Section-12...   4) Essentials of a valid contract of guarantee (Section-127,142,143)    • Essentials of a valid contract of Guarante...   5) Nature of surety's liability (Section-128)    • Nature of Surety's Liability | Section-128...   6) Rights of Sureties (Section-140,141,145)    • Rights of Surety | Section-140,141,145 | C...   7) Rights and Liabilities of Co-Sureties (Section-138, 144, 146, 147)    • Rights & Liabilities of Co-Sureties | Sect...   8) Kinds of Guarantee    • Kinds of Guarantee | Section-129,130,131,1...   **************************************************** Hope you have enjoyed and learned in an easy way **************************************************** #contractact#dischargeofsuretyfromliability#contractofguarantee