Indemnity and Guarantees – Questions and Answers

Subject Title: Introduction to Law and Governance Revision Kit

TOPIC: Indemnity and Guarantees

QUESTION 1
April 2023 Question Seven C
With reference to contract of guarantee, outline FIVE rights of a guarantor against a creditor. (5 marks)

QUESTION 2
August 2022 Question Seven C
Describe three types of guarantee. (6 marks)

QUESTION 3
April 2022 Question Three B
Outline four ways in which a surety might be discharged from a contract of guarantee.
(4 marks)
QUESTION 4
December 2021 Question Six B
Outline four advantages of letters of credit. (4 marks)

QUESTION 5
December 2021 Question Seven A
Identify the four parties in creation of a letter of credit and their roles (4 marks)

QUESTION 6
December 2021 Question Seven D
Define the following types of guarantees:
(i) Tender guarantees. (2 marks)
(ii) Performance guarantees. (2 marks)
(iii) Warranty guarantees. (2 marks)

QUESTION 7
December 2021 Pilot Paper Question Three C
Outline briefly the obligations of a surety under the contract of guarantee. (5 marks)

QUESTION 8
May 2021 Question Six B
Outline six advantages of a contract of guarantee. (6 marks)

QUESTION 9
November 2020 Question Six B
(i) Distinguish between a “contract of indemnity” and a “contract of guarantee”.
(4 marks)
(ii) Outline four remedies for breach of the contract of indemnity. (4 marks)

QUESTION 10
November 2019 Question Three B
Explain three characteristics of the contract of guarantee. (6 marks)

QUESTION 11
November 2018 Question Four C
Outline four ways in which a surety might be discharged front a contract of guarantee.
(4 marks)
QUESTION 12
May 2018 Question Four A and B
(a) Enumerate four rights of an indemnity holder in a contract of indemnity. (4 marks)
(b) State six circumstances under which a contract of guarantee might be declared void.
(6 marks)
QUESTION 13
May 2017 Question Seven B
Explain two instances when the guarantor will not be held liable on the principal debt.
(4 marks)
QUESTION 14
May 2016 Question Three C
Identify three types of rights that a surety could enforce against a creditor in a contract of guarantee. (6 marks)

QUESTION 15
November 2015 Question Five C
Discuss four circumstances under which a guarantor would be discharged. (8 marks)

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