State the circumstances in which the guarantor will be discharged

• Variation of the terms of the contract without the guarantors knowledge.
• If the guarantor extends the duration within which the principal debtor must fulfil his obligation.
• If it is apparent that the guarantee was obtained by concealment of material circumstances.
• If evidence shows that the guarantee was obtained by fraud.
• Revocation of a continuing guarantee by the guarantor.
• Discharge of the principal debtor.
• Failure by the creditor to take any step necessary to protect the guarantor.
• Release of a co-guarantor.
• If the creditors action against the principal debtor is statute barred.
• Fulfilment of obligation by the principal debtor.
• Supervening illegality.



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