Section 133 of ICA explains discharge of surety by variance. Any variance, made without the surety’s consent, in the terms of the contract between the principal 1[debtor] and the creditor, discharges the surety as to transactions subsequent to the variance.
Tag: guarantee
Section 126 of the Indian contract Act, 1872 states that a contract of guarantee is that contract which perform the promise or the discharge of the liabilities of the third person in the case of default of that third person.