short) reads thus:-
"127. CONSIDERATION FOR GUARANTEE. - Anything done, or any promise made, for the benefit of the principal debtor, may be sufficient consideration ... past consideration is also good consideration,
26. In Kali Charan's case, it was contended that the surety bond was without consideration, because
debtor" and "debtor"; section 127 provides regarding the consideration for guarantee; section 128 deals with "surety's liability"; section ... consideration or object of an agreement. In the instant case, as already pointed out, the consideration and object of the agreement of guarantee or contract
Debtor" and 'Debtor". Section 127 provides regarding the consideration for guarantee; Section 128 deals with 'Surety's liability; Section ... consideration or object of an agreement. In the instant case, as already pointed out, the consideration and object of the agreement of guarantee or contract
Guarantee Agreement at Ex.P.4 contended that the nature of guarantee in the case on hand is one of a continuing guarantee ... transaction and the Guarantee Agreement executed in that behalf is a guarantee for the single transaction and not a continuing guarantee relied upon the unreported
original, should give its reasons for
its decision irrespective of any consideration, unless there is some
reason (security or public interest) for not doing ... Other considerations for the
requirement of recording reasons are - (i) to guarantee
consideration by the authority; (ii) to introduce clarity in the
decision
executed for consideration, then the same is binding on the guarantor. Section 127 reads as follows:
"Consideration for guarantee.--Anything done, or any promise ... According to him, the past consideration is also good and a sufficient consideration to the surety for giving the guarantee. But, in the instant case
Debtor" and "Debtor"; Section 127 provides regarding the consideration for guarantee; Section 128 deals with "Surety's liability'; Section ... consideration or object of an agreement. In the instant case, as already pointed out, the consideration and object of the agreement of guarantee or contract
more in line with
that of the American Courts. An important consideration
which has weighed with the Court for holding that an
administrative authority exercising ... this view are
that the requirement of recording reasons would (i)
guarantee consideration by the authority; (ii) introduce
clarity in the decisions; and (iii) minimise
more in line with
that of the American Courts. An important consideration
which has weighed with the Court for holding that an
administrative authority exercising ... this view are
that the requirement of recording reasons would (i)
guarantee consideration by the authority; (ii) introduce
clarity in the decisions; and (iii) minimise
Constitution Bench
held that recording of reasons :
"(i) guarantee consideration by the authority;
(ii) introduce clarity in the decisions; and
(iii) minimise chances
