n Without Prejudice - Attempting to escape liability : contract law
|Article Title||Attempting to escape liability : contract law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Sep 2013|
|Pages||69 - 70|
There are a number of ways in which a surety can be rescinded, thus escaping liability under the suretyship contract. One is for the surety to allege that he did not consent to, or had no intention of entering into a suretyship agreement with the creditor. The suretyship agreement exists as an accessory agreement to the main or principal agreement and is concluded for the benefit of a creditor. Creditors protect themselves from the failure of a debtor to perform in terms of the principal agreement/debt, by requiring a third person, the surety, to bind himself, either wholly or in part, liable to make good on behalf of the principal debtor in the event the principal debtor fails to perform.
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