Podcast
Questions and Answers
What is the term 'Indemnity' mean in a contract?
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?
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?
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?
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?
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 are the essential elements of a Contract of Indemnity?
What type of insurance contracts are considered contracts 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?
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?
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?
What is the extent of an indemnifier's liability in a Contract of Indemnity?
