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
|
51 videos|110 docs|57 tests
|
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.
Related Exams
About this Video
|
4.91/5 Rating |
|
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.
The notes and questions for Contract of Indemnity and Guarantee have been prepared according to the CA Foundation exam syllabus.
Information about Contract of Indemnity and Guarantee covers all important topics for CA Foundation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Contract of Indemnity and Guarantee.
Introduction of Contract of Indemnity and Guarantee in English is available as part of our Business Laws for CA Foundation for CA Foundation & Contract of Indemnity and Guarantee in
Hindi for Business Laws for CA Foundation course. Download more important topics related with notes, lectures and mock test series for
CA Foundation Exam by signing up for free.
Description
Video Lecture & Questions for Contract of Indemnity and Guarantee Video Lecture | Business Laws for CA Foundation - CA Foundation full syllabus preparation | Free video for CA Foundation exam to prepare for Business Laws for CA Foundation.
Information about Contract of Indemnity and Guarantee
Here you can find the meaning of Contract of Indemnity and Guarantee defined & explained in the simplest way possible.
Besides explaining types of Contract of Indemnity and Guarantee theory, EduRev gives you an ample number of questions to practice Contract of Indemnity and Guarantee tests,
examples and also practice CA Foundation tests.
|
51 videos|110 docs|57 tests
|
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Sample Paper
,study material
,Semester Notes
,Objective type Questions
,Free
,Extra Questions
,Important questions
,Previous Year Questions with Solutions
,Exam
,Contract of Indemnity and Guarantee Video Lecture | Business Laws for CA Foundation
,past year papers
,Viva Questions
,Summary
,Contract of Indemnity and Guarantee Video Lecture | Business Laws for CA Foundation
,Contract of Indemnity and Guarantee Video Lecture | Business Laws for CA Foundation
,ppt
,shortcuts and tricks
,video lectures
,mock tests for examination
,MCQs
,practice quizzes
;
Study Contract of Indemnity and Guarantee on the App
Students of CA Foundation can study Contract of Indemnity and Guarantee alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Contract of Indemnity and Guarantee,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Contract of Indemnity and Guarantee is prepared as per the latest CA Foundation syllabus.
|
© 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