The surety must be competent to contract. The debtor need not be competent.
What about the Creditor? Does he need to be competent?
Simple, the guarantee contract is between creditor and surety....so to become a valid contract , parties entering into contract should be competent. Debtor need not be competent.
Nothing on creditor has been mentioned
Yes, creditor and surety both needs to be competent
Terms & Conditions
CA Inter (New)
CA IPC (Old)
964-011-1110 / 913-331-0549