Title : Consequences of Rescission of Voidable Contract
State : Central
Year : 1872
When a person at whose option a contract is voidable rescinds it, the other party thereto need not perform any promise therein contained in which he is promisor. The party rescinding a voidable contract shall, if he have received any benefit thereunder from another party to such contract, restore such benefit, so far as may be, to the person from whom it was received.1 _______________________ 1 . See section 75, infra. View Complete Act List Judgments citing this sectionTitle : Effect of Neglect of Promisee to Afford Promisor Reasonable Facilities for Performance
State : Central
Year : 1872
If any promisee neglects or refuses to afford the promisor reasonable facilities for the performance of his promise, the promisor is excused by such neglect or refusal as to any non-performance caused thereby. Illustration A contracts with B to repair B's house. B neglects or refuses to point out to A the places in which his house requires repair. A is excused for the non-performance of the contract if it is caused by such neglect or refusal. View Complete Act List Judgments citing this sectionTitle : Suretys Liability
State : Central
Year : 1872
The liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract. Illustration A guarantees to B the payment of a bill of exchange by C, the acceptor. The bill is dishonoured by C. A is liable not only for the amount of the bill but also for any interest and charges which may have become due on it. View Complete Act List Judgments citing this sectionTitle : Revocation of Continuing Guarantee by Suretys Death
State : Central
Year : 1872
The death of the surety operates, in the absence of any contract to the contrary, as a revocation of a continuing guarantee, so far as regards future transactions. View Complete Act List Judgments citing this sectionTitle : Discharge of Surety when Creditor Compounds With, Gives Time To, or Agrees Not to Sue, Principal Debtor
State : Central
Year : 1872
A contract between the creditor and the principal debtor, by which the creditor makes a composition with, or promises to give time to, or not to sue, the principal debtor, discharges the surety, unless the surety assents to such contract. View Complete Act List Judgments citing this sectionTitle : Surety Not Discharged when Agreement Made with Third Person to Give Time to Principal Debtor
State : Central
Year : 1872
Where a contract to give time to the principal debtor is made by the creditor with a third person, and not with the principal debtor, the surety is not discharged. Illustration C, the holder of an overdue bill of exchange drawn by A as surety for B, and accepted by B, contracts with M to give time to B. A is not discharged. View Complete Act List Judgments citing this sectionTitle : Suretys Right to Benefit of Creditors Securities
State : Central
Year : 1872
A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship is entered into, whether the surety knows of the existence of such security or not; and, if the creditor loses, or, without the consent of the surety, parts with such security, the surety is discharged to the extent of the value of the security. Illustrations (a) C, advances to B, his tenant, 2,000 rupees on the guarantee of A. C has also a further security for the 2,000 rupees by a mortgage of B's furniture. C cancels the mortgage. B becomes insolvent, and C, sues A on his guarantee. A is discharged from liability to the amount of the value of the furniture. (b) C, a creditor, whose advance to Bs is secured by a decree, receives..... View Complete Act List Judgments citing this sectionTitle : Implied Promise to Indemnify Surety
State : Central
Year : 1872
In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety; and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee, but no sums which he has paid wrongfully. Illustrations (a) B is indebted to C, and A is surety for the debt. C demands payment from A, and on his refusal sues him for the amount. A defends the suit, having reasonable grounds for doing so, but is compelled to pay the amount of the debt with costs. He can recover from B the amount paid by him for costs, as well as the principal debt. (b) C lends B a sum of money, and A, at the request of B, accepts a bill of exchange drawn by B upon A to secure the amount. C, the holder of the bill, demands payment of it..... View Complete Act List Judgments citing this sectionTitle : Bailment, `bailor and `bailee Defined
State : Central
Year : 1872
A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the bailor. The person to whom they are delivered is called the bailee. Explanation.If a person already in possession of the goods of another contracts to hold them as a bailee, he thereby becomes the bailee, and the owner becomes the bailor of such goods, although they may not have been delivered by way of bailment. View Complete Act List Judgments citing this sectionTitle : Bailor Entitled to Increase or Profit from Goods Bailed
State : Central
Year : 1872
In the absence of any contract to the contrary, the bailee is bound to deliver to the bailor, or according to his directions, any increase or profit which may have accrued from the goods bailed. Illustrations A leaves a cow in the custody of B to be taken care of. The cow has a calf. B is bound to deliver the calf as well as the cow to A. View Complete Act List Judgments citing this section