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Indemnity and Guarantees Quiz
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Indemnity and Guarantees Quiz

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@NoiselessIsland

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Questions and Answers

What is the duty to indemnify usually coextensive with?

  • The duty to guarantee performance
  • The duty to negotiate insurance contracts
  • The duty to limit compensation
  • The contractual duty to 'hold harmless' or 'save harmless' (correct)

    • In an agency context, who may be obligated to indemnify their agent for liabilities?

  • The guarantor
  • The indemnitee
  • The indemnitor
  • The principal (correct)

    • What does a 'guarantee' obligate one party to do for another party?

  • Limit the compensation for the injured party
  • Negotiate insurance contracts
  • Perform the promise of a relevant other party if that other party defaults (correct)
  • Compensate for the loss incurred by another party

    • Under which section of the Statute of Frauds (1677) must a 'guarantee' be evidenced in writing?

    <p>Section 4</p> Signup and view all the answers

    What forms the basis of many insurance contracts?

    <p>Indemnities</p> Signup and view all the answers

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