Question
Under The Indian Contract Act, 1872, a Contract to
perform the promise or discharge the liability of a third person in case of his default,:-Solution
Section 126 defines Contract of Guarantee “Contract of guarantee”, “surety”, “principal debtor” and “creditor”—A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the “surety”; the person in respect of whose default the guarantee is given is called the “principal debtor”, and the person to whom the guarantee is given is called the “creditor”. A guarantee may be either oral or written Contract of Indemnity is defined under Section 124 a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity”
In the absence of Partnership Deed, partners are entitled to:
The cost that is concerned with the determination of the cost of each activity rather than the process is called:
As per the Union Budget 2025–26, under the MSMED Act, 2006, to be classified as a medium enterprise, the annual turnover should be up to:
An investor deposits â‚ą50,000 in an account offering 8% compound interest annually. What will be the maturity value after 3 years?
A company has a standard direct material cost of â‚ą10 per unit. Actual cost incurred was â‚ą12 per unit for 1,000 units. 950 units were actually produc...
If the company earned revenue from operations of Rs.18 lakh, what is the working capital turnover ratio of the company?
What is the minimum outstanding balance in a non-performing borrowal account that requires reporting as a willful default?
Which of the following is a limitation of accounting that can affect the accuracy and usefulness of financial statements?
Dividend is paid to the shareholders on:
Who among the following generally maintains the Audit Notebook?
