Indian Polity · Polity
Under the Indian Contract Act, 1872, what constitutes sufficient consideration for a contract of guarantee as defined under Section 127, specifically in the context of a bank granting a loan to a borrower?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The surety receiving a portion of the loan amount directly from the creditor as a benefit
- 2A formal written acknowledgment of debt by the surety to the creditor without any underlying transaction
- 3Anything done, or any promise made, for the benefit of the principal debtor by the creditor✓
- 4A direct payment of a commission fee from the principal debtor to the surety at the time of signing
Correct answer
Anything done, or any promise made, for the benefit of the principal debtor by the creditor
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