📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    "Contract of Indemnity" is defined in which section of

    Indian Contract Act? 
    A Section 124 Correct Answer Incorrect Answer
    B Section 125 Correct Answer Incorrect Answer
    C Section 126 Correct Answer Incorrect Answer
    D Section 127. Correct Answer Incorrect Answer

    Solution

    S. 124 Contact of indemnity defined- A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.   A contract of indemnity is a special kind of a contract which secures the promise from any kind of unprecedented losses.   Parties to a contract of indemnity-   ·         The promisor or indemnifier The promisee or the indemnified or indemnity-holder

    Practice Next
    More Administrative Interpretation and Maxims Questions