Law · General Law

Consider the following statements regarding the Law of Guarantee under the Indian Contract Act, 1872: Statement I: A guarantee obtained by means of misrepresentation made by the creditor concerning a material part of the transaction is invalid under Section 142. Statement II: If the creditor releases the principal debtor through a formal contract, the surety is also discharged from liability under Section 134. Statement III: The release of one co-surety by the creditor discharges the other co-sureties. Statement IV: A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time the guarantee is given, whether the surety knows of it or not (Section 141). Which of the statements given above are correct?