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Page 2 Introductory Introductory Notes on Notes on Indemnity and Indemnity and Guarantee Guarantee Contract Contract under under Indian Contract Indian Contract Act, 1872 Act, 1872 Page 3 Introductory Introductory Notes on Notes on Indemnity and Indemnity and Guarantee Guarantee Contract Contract under under Indian Contract Indian Contract Act, 1872 Act, 1872 Contract of Indemnity Contract of Indemnity Page 4 Introductory Introductory Notes on Notes on Indemnity and Indemnity and Guarantee Guarantee Contract Contract under under Indian Contract Indian Contract Act, 1872 Act, 1872 Contract of Indemnity Contract of Indemnity Contract of Indemnity (Section 124) A Contract by which one party promises to another to save him 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 Page 5 Introductory Introductory Notes on Notes on Indemnity and Indemnity and Guarantee Guarantee Contract Contract under under Indian Contract Indian Contract Act, 1872 Act, 1872 Contract of Indemnity Contract of Indemnity Contract of Indemnity (Section 124) A Contract by which one party promises to another to save him 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 Parties to the Contract of Indemnity ? The person who promises to protect another: INDEMNIFIER ? The person who is so protected is: INDEMNITY-HOLDER/INDEMNIFIEDRead More
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FAQs on PPT - Law of Indemnity and Guarantee - Business Law - B Com
| 1. What is the law of indemnity? |  |
Ans. The law of indemnity is a legal principle that states that a party who has suffered a loss should be compensated by another party who is responsible for causing that loss. This principle ensures that the injured party is restored to the same financial position they were in before the loss occurred.
| 2. What is the difference between indemnity and guarantee? | |
Ans. Indemnity and guarantee are both legal concepts related to compensation for losses, but they have some key differences. Indemnity is a contract where one party agrees to compensate another party for losses or damages they may suffer. On the other hand, a guarantee is a contract where one party promises to perform the obligations of another party if they fail to do so. In simple terms, indemnity focuses on compensation for losses, while guarantee focuses on ensuring the performance of obligations.
| 3. Can a person be both an indemnifier and a guarantor? | |
Ans. Yes, it is possible for a person to act as both an indemnifier and a guarantor. In such cases, the person assumes two different roles. As an indemnifier, they agree to compensate the other party for any losses or damages they may suffer. As a guarantor, they promise to fulfill the obligations of another party if they fail to do so. This dual role provides additional protection and assurance to the party receiving the indemnity or guarantee.
| 4. What are the essential elements of a valid indemnity contract? | |
Ans. To be valid, an indemnity contract must have certain essential elements. These include an agreement between the indemnifier and the indemnified party, a clear intention to indemnify the party against specific losses or damages, and a lawful consideration for the indemnity. Additionally, the indemnity contract should be based on a lawful object and should not be against public policy.
| 5. What are the remedies available in case of a breach of indemnity or guarantee? | |
Ans. In case of a breach of indemnity or guarantee, the injured party has certain remedies available. These may include seeking monetary compensation for the losses suffered, specific performance of the indemnity or guarantee, or seeking injunctive relief to prevent further harm. The specific remedies available may vary depending on the jurisdiction and the terms of the contract. It is advisable to consult with a legal professional to understand the available remedies in a particular situation.
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