CA Foundation Exam > CA Foundation Videos > Business Laws for CA Foundation > Contract of Indemnity and Guarantee
Contract of Indemnity and Guarantee Video Lecture | Business Laws for CA Foundation
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FAQs on Contract of Indemnity and Guarantee Video Lecture - Business Laws for CA Foundation
| 1. What is a contract of indemnity? |  |
Ans. A contract of indemnity is a type of contract where one party promises to compensate or make good the loss suffered by another party due to the occurrence of a specified event. It is a contract of guarantee where the indemnifier promises to protect the indemnified party from any loss or damage caused by the actions of a third party.
| 2. What is a contract of guarantee? | |
Ans. A contract of guarantee is a contract where one party promises to perform the obligations or fulfill the liabilities of another party in case of default. It is a contract of indemnity where the guarantor assures the creditor that the debtor will fulfill their obligations, and if they fail to do so, the guarantor will step in and fulfill those obligations on their behalf.
| 3. What is the difference between a contract of indemnity and a contract of guarantee? | |
Ans. The main difference between a contract of indemnity and a contract of guarantee lies in the nature of the liability. In a contract of indemnity, the indemnifier promises to compensate the indemnified party for the loss suffered due to a specified event, while in a contract of guarantee, the guarantor promises to perform the obligations of the debtor in case of default.
| 4. What are the essentials of a valid contract of indemnity? | |
Ans. The essentials of a valid contract of indemnity include:
- The contract must be in writing, oral contracts are not valid.
- The indemnifier must have a legal liability towards the indemnified party.
- The indemnified party must suffer a loss or damage due to the specified event.
- The indemnifier's liability should be certain and not contingent upon any future event.
| 5. What are some examples of contract of indemnity and guarantee? | |
Ans. Some examples of contract of indemnity include insurance contracts, where an insurance company promises to compensate the insured party for the loss suffered due to a specified event. Examples of contract of guarantee include bank guarantees, where a bank guarantees the repayment of a loan taken by a borrower, and performance guarantees, where a party guarantees the performance of a contract by another party.
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Nov 21, 2024 Last updated |
Video Description: Contract of Indemnity and Guarantee for CA Foundation 2024 is part of Business Laws for CA Foundation preparation.
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