B Com Exam > B Com Questions > What is the right of the indemnity holder (in...
Start Learning for Free
What is the right of the indemnity holder (indemnified) under a contract of indemnity?
- a)Right to recover damages
- b)Right to recover costs
- c)Right to recover sums paid under compromise
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
What is the right of the indemnity holder (indemnified) under a contra...
Right of the Indemnity Holder under a Contract of Indemnity:
Indemnity is a contractual obligation by one party to compensate another party for specific losses or damages. The indemnity holder, also known as the indemnified party, has certain rights under a contract of indemnity. These rights ensure that the indemnity holder is protected in case of any losses or damages.
1. Right to Recover Damages:
The indemnity holder has the right to recover damages from the indemnifier in case of any losses or damages incurred. This means that if the indemnity holder suffers any financial harm due to the actions of the indemnifier, they can claim compensation for these damages.
2. Right to Recover Costs:
In addition to recovering damages, the indemnity holder also has the right to recover any costs incurred as a result of the indemnifier's actions. This can include legal fees, administrative costs, or any other expenses directly related to the losses or damages.
3. Right to Recover Sums Paid Under Compromise:
If the indemnity holder decides to settle a claim or dispute with a third party, they have the right to recover any sums paid under the compromise from the indemnifier. This ensures that the indemnity holder is not solely responsible for any settlements reached.
4. All of the Above:
All of the rights mentioned above collectively form the rights of the indemnity holder under a contract of indemnity. These rights provide the indemnity holder with the necessary protection and compensation in case of any losses or damages.
Indemnity is a contractual obligation by one party to compensate another party for specific losses or damages. The indemnity holder, also known as the indemnified party, has certain rights under a contract of indemnity. These rights ensure that the indemnity holder is protected in case of any losses or damages.
1. Right to Recover Damages:
The indemnity holder has the right to recover damages from the indemnifier in case of any losses or damages incurred. This means that if the indemnity holder suffers any financial harm due to the actions of the indemnifier, they can claim compensation for these damages.
2. Right to Recover Costs:
In addition to recovering damages, the indemnity holder also has the right to recover any costs incurred as a result of the indemnifier's actions. This can include legal fees, administrative costs, or any other expenses directly related to the losses or damages.
3. Right to Recover Sums Paid Under Compromise:
If the indemnity holder decides to settle a claim or dispute with a third party, they have the right to recover any sums paid under the compromise from the indemnifier. This ensures that the indemnity holder is not solely responsible for any settlements reached.
4. All of the Above:
All of the rights mentioned above collectively form the rights of the indemnity holder under a contract of indemnity. These rights provide the indemnity holder with the necessary protection and compensation in case of any losses or damages.
Free Test
FREE
| Start Free Test |
Community Answer
What is the right of the indemnity holder (indemnified) under a contra...
The indemnity holder, also known as the indemnified, has certain rights under a contract of indemnity. These rights include the right to recover damages, the right to recover costs, and the right to recover sums paid under compromise. The indemnified is entitled to these rights as long as they have acted within the scope of their authority.Example: If A promises to indemnify B against any loss caused by the conduct of C, and B is compelled to pay damages or incur costs in a lawsuit due to C's actions, B can exercise their rights as the indemnity holder to recover these amounts from A.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
Question Description
What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. 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 right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. 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 right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. 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 right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. 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 right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Solutions for What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice What is the right of the indemnity holder (indemnified) under a contract of indemnity?a)Right to recover damagesb)Right to recover costsc)Right to recover sums paid under compromised)All of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup