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Indian Contract Act: Sale of Goods and Partnership Provisions

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Indian Contract Act: Sale of Goods and Partnership Provisions

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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