https://www.taxtmi.com/caselaws?id=290159 A continuing guarantee remains enforceable until validly revoked, and the surety's legal representatives continue to be bound where the guarantee covers a series of transactions and no written revocation is shown. Section 62 of the Indian Contract Act, 1872 requires mutual assent to substitute the original contract; mere transfer of accounts or receiver-managed dealings does not amount to novation or discharge. Where a loan is advanced for the functioning of a trust and its business, the trust may be liable in restitution under Section 70 as the beneficiary of a non-gratuitous transaction. Acceptance of that benefit can also create estoppel against denying repayment. en-us Wed, 28 Oct 2009 00:00:00 +0530 Wed, 10 Apr 2024 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290159 A continuing guarantee remains enforceable until validly revoked, and the surety's legal representatives continue to be bound where the guarantee covers a series of transactions and no written revocation is shown. Section 62 of the Indian Contract Act, 1872 requires mutual assent to substitute the original contract; mere transfer of accounts or receiver-managed dealings does not amount to novation or discharge. Where a loan is advanced for the functioning of a trust and its business, the trust may be liable in restitution under Section 70 as the beneficiary of a non-gratuitous transaction. Acceptance of that benefit can also create estoppel against denying repayment. Case-Laws Indian Laws Wed, 28 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290159