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According to English law, what is the definition of a contract of indemnity?
  • a)
    A promise to save a person from loss caused by accidents or natural calamities
  • b)
    A promise to save a person from loss caused by the conduct of the promisor or any other person
  • c)
    A promise to save a person from loss caused by the conduct of the promisor himself
  • d)
    A promise to save a person from loss caused by human agency
Correct answer is option 'B'. Can you explain this answer?
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According to English law, what is the definition of a contract of inde...
According to English law, a contract of indemnity is defined as a promise to save a person from loss caused by the conduct of the promisor himself or by the conduct of any other person. This definition includes losses caused not only by human agency but also by accidents or natural calamities.Example: If A promises to indemnify B against any loss caused by the conduct of C, it means that A will compensate B for the loss suffered due to C's actions.
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According to English law, what is the definition of a contract of indemnity?a)A promise to save a person from loss caused by accidents or natural calamitiesb)A promise to save a person from loss caused by the conduct of the promisor or any other personc)A promise to save a person from loss caused by the conduct of the promisor himselfd)A promise to save a person from loss caused by human agencyCorrect answer is option 'B'. Can you explain this answer?
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According to English law, what is the definition of a contract of indemnity?a)A promise to save a person from loss caused by accidents or natural calamitiesb)A promise to save a person from loss caused by the conduct of the promisor or any other personc)A promise to save a person from loss caused by the conduct of the promisor himselfd)A promise to save a person from loss caused by human agencyCorrect answer is option 'B'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about According to English law, what is the definition of a contract of indemnity?a)A promise to save a person from loss caused by accidents or natural calamitiesb)A promise to save a person from loss caused by the conduct of the promisor or any other personc)A promise to save a person from loss caused by the conduct of the promisor himselfd)A promise to save a person from loss caused by human agencyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for According to English law, what is the definition of a contract of indemnity?a)A promise to save a person from loss caused by accidents or natural calamitiesb)A promise to save a person from loss caused by the conduct of the promisor or any other personc)A promise to save a person from loss caused by the conduct of the promisor himselfd)A promise to save a person from loss caused by human agencyCorrect answer is option 'B'. Can you explain this answer?.
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