Draft a notice to determine a continuing guarantee under section 130 of the Indian Contract Act, 1872 with assumed data.
CS Professional · Drafting, Appearances and Pleadings · PYQS · June 2021
Draft a notice to determine a continuing guarantee under section 130 of the Indian Contract Act, 1872 with assumed data.
Answer & Explanation:
To, ABC (Creditor) Dear Sir, I hereby give you notice w.r.t the continuing guarantee dated the ............ day of ............ which I executed in your favour for payment of all moneys which were then or at any time thereafter may be due to you from EF of etc............ on the balance of his account, is hereby revoked and determined for the reasons stated herein under: I give you further notice that if you make any further advances or payments or give further credit to the said EF, you would do so at your own risk and the same shall have nothing to do whatsoever with the guarantee which stands hereby revoked. Your faithfully, XY(Surety) Date:
Topics: Indian Contract Act
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