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Under the provisions of the Contract Act, 1872 analyse and comment on the following situations: (a) (b) Abid has obtained a loan of Rs.
Under the provisions of the Contract Act, 1872 analyse and comment on the following situations: (a) (b) Abid has obtained a loan of Rs. 800,000 from Saqib. Loan was given on the surety of Munib, Hamid and Suleman with maximum limits of Rs. 150,000, Rs. 250,000 and Rs. 400,000 respectively. Abid repaid Rs. 200,000 and defaulted. Comment and compute the amount payable by each surety. Shafiq obtained a loan from Qasim on the surety of Anwar. Qasim also obtained a charge over Shafiq's car at the time of disbursement of loan. However, Anwar was unaware of this security. Qasim gave up the charge over the car and Shafiq defaulted. Comment on the position of Anwar.
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