Business law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2013
C agreed to sell a colour TV set to P under a hire-purchase agreement on guarantee of S and a pledge
of P’s furniture. The terms were: hire-purchase price Rs 24,000 payable in 12 monthly installments of
Rs. 2,000 each, ownership to be transferred on the payment of last installment. In the given case which type of guarantee contract is made- specific guarantee contract or continuing guarantee contract?
of P’s furniture. The terms were: hire-purchase price Rs 24,000 payable in 12 monthly installments of
Rs. 2,000 each, ownership to be transferred on the payment of last installment. In the given case which type of guarantee contract is made- specific guarantee contract or continuing guarantee contract?
30 May 2013
Since this guarantee is one time it is specific and it is for a particular purpose therefore it is specific guarantee
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