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What is the nature of a contract of indemnity?
- a)It can only be an express contract
- b)It can only be an implied contract
- c)It can be both an express or implied contract
- d)It cannot be an implied contract
Correct answer is option 'C'. Can you explain this answer?
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What is the nature of a contract of indemnity?a)It can only be an expr...
A contract of indemnity can be either an express or implied contract, depending on the circumstances of the case. Although Section 124 of the Indian Contract Act does not specifically mention implied indemnity, the nature of a contract of indemnity allows for both types of contracts.Example: An express contract of indemnity could be a written agreement between two parties where one promises to compensate the other for any loss suffered. On the other hand, an implied contract of indemnity may arise from the actions or conduct of the parties involved, indicating an understanding that one party will be held harmless from any loss caused by the other.
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What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. Can you explain this answer?
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What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. 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 What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. 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 What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. Can you explain this answer?.
What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. 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 What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. 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 What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. Can you explain this answer?.
Solutions for What is the nature of a contract of indemnity?a)It can only be an express contractb)It can only be an implied contractc)It can be both an express or implied contractd)It cannot be an implied contractCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for B Com.
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