https://www.taxtmi.com/acts?id=7189 Consideration for guarantee exists when something done or promised for the benefit of the principal debtor-such as the creditor extending credit or forbearing to sue at the debtor's request-constitutes sufficient consideration for a surety's promise. Acts or induced forbearance by the creditor that confer a real benefit or are given in reliance on the third party's assurance support the guarantee, whereas a subsequent gratuitous promise without such consideration is void. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7189 Consideration for guarantee exists when something done or promised for the benefit of the principal debtor-such as the creditor extending credit or forbearing to sue at the debtor's request-constitutes sufficient consideration for a surety's promise. Acts or induced forbearance by the creditor that confer a real benefit or are given in reliance on the third party's assurance support the guarantee, whereas a subsequent gratuitous promise without such consideration is void. Act-Rules Indian Laws Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7189