Contracts Act, 1960 (Act 25)
Section 14(1):
Any agreement made before or after the commencement of this Act whereby a person (hereinafter in this Part called "the guarantor") guarantees the due payment of a debt or the due performance of any other obligation by a third party shall be void unless it is in writing and is signed by the guarantor or his agent, or is entered into in a form recognized by customary law.
(2) Any promise or representation made after the commencement of this Act, relating to the character or credit of any third person with the intent that that third person may obtain credit, money or goods, from the person to whom the promise or representation is made, shall be void unless it is in writing and is signed by the party to be charged therewith or his agent.
Subject : Consideration for contracts
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