Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Indian Contract Act: Sale of Goods and Partnership Provisions

10 Questions

1 Views

Indian Contract Act: Sale of Goods and Partnership Provisions

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the term 'Indemnity' mean in a contract?

Legal responsibility

Mutual agreement

Security against loss (correct)

Promise to compensate financially

Where were the provisions related to Sale of Goods and Partnership placed after being removed from the Indian Contract Act, 1872?

Indian Sale of Goods Act, 1960

Indian Contract Act, 1872

Sale of Goods Act, 1930 and Indian Partnership Act, 1932 (correct)

Partnership Act, 1962

Under English law, how is a contract of indemnity defined?

An obligation to pay a fixed sum as compensation

A commitment to fulfill all legal obligations

A promise to save a person harmless from the consequences of an act (correct)

An agreement to equally share losses

Who is referred to as the 'Indemnifier' in a contract of indemnity?

The person who promises to make good the loss Signup and view all the answers

According to Section 124 of the Indian Contract Act 1872, what defines a Contract of Indemnity?

One party promises to save the other from loss caused by the conduct of either party or any other person. Signup and view all the answers

What are the essential elements of a Contract of Indemnity?

The loss must be caused either by the promisor or by any other person. Signup and view all the answers

What type of insurance contracts are considered contracts of Indemnity?

All insurances other than life and personal accident insurance Signup and view all the answers

What right does an indemnity holder have if they have incurred absolute liability according to the Contract of Indemnity?

Right to recover damages, costs, sums paid under compromise, and to sue for specific performance Signup and view all the answers

In what circumstances is an indemnity holder entitled to recover all costs incidental to bringing or defending a suit?

If he acted as it would have been prudent for him in the absence of the contract of indemnity. Signup and view all the answers

What is the extent of an indemnifier's liability in a Contract of Indemnity?

Liability is absolute Signup and view all the answers

Indian Contract Act: Sale of Goods and Partnership Provisions

Choose a study mode

Podcast

Questions and Answers

What is the term 'Indemnity' mean in a contract?

Where were the provisions related to Sale of Goods and Partnership placed after being removed from the Indian Contract Act, 1872?

Under English law, how is a contract of indemnity defined?

Who is referred to as the 'Indemnifier' in a contract of indemnity?

According to Section 124 of the Indian Contract Act 1872, what defines a Contract of Indemnity?

What are the essential elements of a Contract of Indemnity?

What type of insurance contracts are considered contracts of Indemnity?

What right does an indemnity holder have if they have incurred absolute liability according to the Contract of Indemnity?

In what circumstances is an indemnity holder entitled to recover all costs incidental to bringing or defending a suit?

What is the extent of an indemnifier's liability in a Contract of Indemnity?

More Like This

Indian Sale of Goods Act

Indian Sale of Goods Act

Indian Sale of Goods Act

Indian Sale of Goods Act, 1930

Upgrade to continue