Contract of guarentee and indemnity
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The document discusses the differences between indemnity contracts, guarantee contracts, contingent contracts, and wagering agreements. An indemnity contract involves two parties where one promises to compensate the other for any losses. A guarantee contract involves three parties where a surety guarantees a loan between a creditor and principal debtor. Contingent contracts are broader and can include wagers, where performance depends on an uncertain future event. Wagering agreements specifically involve mutual promises to pay based solely on an uncertain outcome.
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This document provides an introduction to contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save another from loss caused by the conduct of the promisor or a third party. A contract of guarantee is defined as a promise to perform or discharge the liability of a third party in case of their default. The key parties in each are identified. Essentials and rights under each contract are outlined, along with differences between the two types of contracts.
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Contract of guarantee-business law
This document discusses contracts of indemnity and guarantee. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the promisor or a third party. In a contract of guarantee, a surety promises to be liable if a principal debtor defaults. There are three parties in a guarantee - the surety, principal debtor, and creditor. The surety has secondary liability while the principal debtor has primary liability. The document outlines rights and liabilities of parties, types of guarantees, essentials of valid contracts, and circumstances for discharge of liability.
PPT on the topic Pledge under ICA, 1872
The document discusses the law of contract regarding pledge. It defines pledge as a type of bailment where goods are delivered as security for repayment of a debt or performance of a promise. The key elements of a valid pledge are delivery of possession of movable goods to the pawnee (bailee), the goods serving as security for payment of a debt, and an agreement for the goods to be returned upon fulfillment of obligations. The document outlines the rights and duties of the pawnor (bailor) and pawnee regarding pledged goods and circumstances where a valid pledge may exist.
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The Contract Act 1872 outlines essential elements for a valid contract in India. A contract requires an offer and acceptance, consideration, lawful purpose, capacity to contract, free consent between parties. An offer must be definite and communicated to the offeree. Acceptance must be unconditional, communicated to offeror, and within a reasonable time. If any essential element is missing, an agreement is void. The Act also defines different types of contracts based on validity, formation, and performance. It provides rules for offer, acceptance, and discharge of a valid contract.
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Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
Performance of contract
This document discusses various aspects of contract law including performance of contracts, discharge of contracts, breach of contracts, and remedies for breach of contracts. It defines performance of contracts as both parties fulfilling their obligations. It describes two types of performance - actual and attempted. It also discusses who can demand performance and who will perform the contract. The document then covers quasi contracts, discharge of contracts through various modes like performance, agreement, impossibility of performance, lapse of time, and operation of law. It defines breach of contracts and provides examples of different remedies for breach like recission, specific performance, injunction, quantum merit, and damages.
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The document discusses the law of contract regarding pledge. It defines pledge as a type of bailment where goods are delivered as security for repayment of a debt or performance of a promise. The key elements of a valid pledge are delivery of possession of movable goods to the pawnee (bailee), the goods serving as security for payment of a debt, and an agreement for the goods to be returned upon fulfillment of obligations. The document outlines the rights and duties of the pawnor (bailor) and pawnee regarding pledged goods and circumstances where a valid pledge may exist.
Contingent and quasi contract
Contingent contracts are conditional contracts where performance depends on an uncertain future event. If the event is impossible, the contract is void. Quasi contracts are obligations imposed by law similar to contractual obligations, but in the absence of an actual contract. There are several kinds of quasi contracts, including necessaries supplied to incapable persons, payments by interested persons, liability for non-gratuitous acts, actions for money paid by mistake or coercion, responsibilities of finders of lost goods, and claims for quantum meruit.
Contract of guarantee
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
Sale and agreement to sell under Law of Contract 2
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Guarantee
This document discusses contracts of indemnity and guarantee. [1] A contract of indemnity is where one party promises to protect another from loss caused by themselves or others. [2] A contract of guarantee is where one person (the surety) promises to pay the debt of a third party (the principal debtor) if they default, to the person to whom the debt is owed (the creditor). [3] Essentials of a valid guarantee include the existence of a debt, three parties (principal debtor, creditor, surety), consideration, and an enforceable promise by the surety to pay the debt if the principal debtor defaults.
Partnership act
The document discusses key concepts around partnerships under Indian law, including:
1. The essential elements of a partnership include an association of two or more persons, an agreement to carry on business together, and a sharing of profits.
2. The rights and duties of partners are outlined, with rights including participation in management, inspection of books, and sharing of profits, and duties including acting for the common advantage and not claiming remuneration.
3. Dissolution of a partnership can occur through compulsory, agreement-based, or court-ordered means, and winding up is the process of settling partnership affairs after dissolution.
Discharge of contract
There are several modes through which a contract can be discharged or terminated, including performance, agreement between the parties, impossibility of performance, lapse of time, operation of law, and breach. Discharge by performance occurs when both parties fulfill their contractual obligations. Parties can also discharge a contract through agreement such as novation, rescission, alteration, remission or waiver. Impossibility, such as destruction of the subject matter or change in law, can discharge contracts. Lapse of time and certain legal events like death can also terminate contractual obligations. Breach of contract, either actual or anticipatory, provides another avenue for discharge.
Discharge of contract
Discharge of a contract means termination of contractual obligations between parties. A contract can be discharged in several ways including performance, agreement between parties, impossibility of performance, failure to provide facilities for performance, death, refusal of performance, unauthorized alterations, lapse of time, operation of law, and breach of contract. Some key ways are discharge by performance when both parties fulfill their obligations, and discharge by agreement/consent when parties mutually agree to novate, accept accord and satisfaction, remit obligations, or rescind the contract.
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This document discusses the legal environment of business in India, specifically focusing on articles of association. It defines articles of association as the regulations or bye-laws of a company that carry out its objectives as defined in the memorandum of association and manage internal affairs. Certain companies, like private limited companies, companies limited by guarantee, and unlimited companies must have their own articles. The articles outline various aspects of company administration and management, including share capital, shareholder rights, meetings, borrowing powers, and alteration or winding up of the company. While companies have wide powers to alter articles, the articles must be consistent with and subordinate to the memorandum of association.
Capacity to contract
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Contract of indemnity contract of guarantee
An indemnity contract involves two parties, where one party (the indemnifier) promises to compensate the other (the indemnified) for losses caused by the indemnifier or a third party. A guarantee contract involves three parties, where one (the surety) guarantees to perform a promise made by a second (the principal debtor) if the second defaults, to benefit a third (the creditor). The principal debtor is primarily liable, while the surety is secondarily liable. The surety's rights include subrogation to the creditor's rights against the debtor, benefit of securities held by the creditor, and reimbursement from the debtor for amounts paid. The surety is discharged by changes to
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This document discusses various ways in which a contract can be discharged or terminated, including by performance, mutual agreement, breach of contract, impossibility of performance, or by operation of law. It defines different types of breaches, including material breach, minor breach, anticipatory breach, and actual breach. For each type of breach, an example is provided. The document also discusses remedies available to an injured party for breach of contract, including recession of contract, suit for damages, suit upon quantum meruit, suit for specific performance, and suit for injunction.
Bailment and pledge
This document discusses bailment and pledge under Indian contract law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned after. The person delivering the goods is the bailor and the person receiving them is the bailee. Bailment can be gratuitous (without payment) or for a reward. A pledge is a type of bailment where goods are delivered as security for a debt. The document outlines the essential elements, types, duties of bailors/bailees, rights of bailors/bailees, and termination of bailment. It compares bailment to sale and bailment to pledge.
contract of sale
The document provides information on contracts of sale under Indian law. It summarizes that [1] a contract of sale is defined as an agreement where the seller transfers property in goods to the buyer for a price, [2] essential elements include at least two parties, goods as the subject matter, a money price, and transfer of property, and [3] characteristics include the buyer and seller, goods as movable property, and transfer of ownership either immediately or at a future time.
ESSENTIAL ELEMENTS OF A VALID CONTRACT
The document outlines the 10 essential elements of a valid contract according to Indian contract law: 1) Proper offer and acceptance, 2) Intention to create a legal relationship, 3) Lawful consideration, 4) Competent parties, 5) Free consent, 6) Lawful object, 7) Certainty of meaning, 8) Possibility of performance, 9) Not declared void or illegal, and 10) Compliance with legal formalities such as writing or registration requirements. The elements must all be present for an agreement to be considered an enforceable contract under Indian law.
Indian contract act part2& 3
This document discusses contractual capacity and incapacity under Indian law. It states that only natural persons who are of sound mind and the age of majority, and not otherwise disqualified, are competent to contract under Section 11. Minors, persons of unsound mind, aliens, foreign states, and some corporations may lack contractual capacity. A minor's contracts are void against the minor to protect their interests. Consent must be free of coercion, undue influence, fraud, or misrepresentation. Contracts can be discharged through performance, mutual consent, lapse of time, operation of law, impossibility of performance, or breach.
Acceptance
The document defines acceptance under Indian contract law and lists the essentials of a valid acceptance. It states that acceptance must be absolute and unconditional, communicated to the offeror, given by the party to whom the offer was made, within a reasonable or prescribed time, in the prescribed manner, before the offer is revoked or lapsed, with the acceptor aware of the offer. Mere silence is not generally considered acceptance unless agreed or customary. An offer can end through revocation, lapse of time, failure to meet conditions, death or insanity of the offeror, counteroffer, rejection, or changes in law.
Discharge of contract
This document discusses the various ways in which a contract can be discharged, including:
1) By performance or tender of performance by both parties.
2) By mutual consent through novation, rescission, alteration, remission, waiver or merger.
3) By impossibility of performance, which can be inherent, subsequent, or due to commercial impossibility, failure of a third party, or other events.
4) By operation of law due to events such as death, insolvency, or merger.
5) By lapse of time.
6) By breach of contract, which can be an actual or anticipatory breach.
Indian contract act 1872
The document discusses the essentials of a contract under Indian law. It defines a contract and explains that a valid contract requires agreement and consideration between two parties. It classifies contracts into different types such as express and implied, executed and executory, unilateral and bilateral, and valid, void, voidable and illegal based on how they are formed and executed. Key points covered include definitions of contract, elements of a valid contract, and classifications of contracts according to formation, execution and enforceability.
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Quasi-contract is a binding obligation imposed by courts to prevent injustice or unjust enrichment where the technical requirements of a contract are not met. It involves a party being enriched at another's expense in an unjust manner. The document outlines 5 situations where quasi-contracts are recognized by law, including supplying necessities to incompetent persons, payment by an interested party, non-gratuitous acts, finder of goods responsibilities, and money/items paid by mistake or coercion. Examples are provided for each to illustrate how courts establish quasi-contractual obligations.
Contract act contract of guarentee and indemnity
An indemnity contract involves two parties, the indemnifier who promises to compensate the indemnity holder for any losses. A guarantee contract involves three parties, the creditor who lends money, the principal debtor who receives the loan, and the surety or guarantor who guarantees the loan. The key differences are that an indemnity contract only has two parties and one contract, while a guarantee contract has three parties and sub-contracts defining primary and secondary liability. The indemnifier bears full liability, while the surety can recover payments from the principal debtor in a guarantee contract.
Business law _Notes
The document outlines key concepts related to commercial law and contracts in India across 5 units. It discusses contracts of indemnity, guarantee, bailment and pledge. A contract of indemnity involves two parties - the indemnifier who promises to protect the indemnity holder from losses. A contract of guarantee involves three parties - the principal debtor, creditor, and surety. The surety guarantees the debt of the principal debtor. Bailment involves the delivery of movable goods by the bailor to the bailee.
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Contingent and quasi contract
Contingent contracts are conditional contracts where performance depends on an uncertain future event. If the event is impossible, the contract is void. Quasi contracts are obligations imposed by law similar to contractual obligations, but in the absence of an actual contract. There are several kinds of quasi contracts, including necessaries supplied to incapable persons, payments by interested persons, liability for non-gratuitous acts, actions for money paid by mistake or coercion, responsibilities of finders of lost goods, and claims for quantum meruit.
Contract of guarantee
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2 where the difference or distinctive analysis between sale and agreement to sell is expressely mentioned with some of the provisions prescribed in the statutes of Law
Guarantee
This document discusses contracts of indemnity and guarantee. [1] A contract of indemnity is where one party promises to protect another from loss caused by themselves or others. [2] A contract of guarantee is where one person (the surety) promises to pay the debt of a third party (the principal debtor) if they default, to the person to whom the debt is owed (the creditor). [3] Essentials of a valid guarantee include the existence of a debt, three parties (principal debtor, creditor, surety), consideration, and an enforceable promise by the surety to pay the debt if the principal debtor defaults.
Partnership act
The document discusses key concepts around partnerships under Indian law, including:
1. The essential elements of a partnership include an association of two or more persons, an agreement to carry on business together, and a sharing of profits.
2. The rights and duties of partners are outlined, with rights including participation in management, inspection of books, and sharing of profits, and duties including acting for the common advantage and not claiming remuneration.
3. Dissolution of a partnership can occur through compulsory, agreement-based, or court-ordered means, and winding up is the process of settling partnership affairs after dissolution.
Discharge of contract
There are several modes through which a contract can be discharged or terminated, including performance, agreement between the parties, impossibility of performance, lapse of time, operation of law, and breach. Discharge by performance occurs when both parties fulfill their contractual obligations. Parties can also discharge a contract through agreement such as novation, rescission, alteration, remission or waiver. Impossibility, such as destruction of the subject matter or change in law, can discharge contracts. Lapse of time and certain legal events like death can also terminate contractual obligations. Breach of contract, either actual or anticipatory, provides another avenue for discharge.
Discharge of contract
Discharge of a contract means termination of contractual obligations between parties. A contract can be discharged in several ways including performance, agreement between parties, impossibility of performance, failure to provide facilities for performance, death, refusal of performance, unauthorized alterations, lapse of time, operation of law, and breach of contract. Some key ways are discharge by performance when both parties fulfill their obligations, and discharge by agreement/consent when parties mutually agree to novate, accept accord and satisfaction, remit obligations, or rescind the contract.
Articles of association
This document discusses the legal environment of business in India, specifically focusing on articles of association. It defines articles of association as the regulations or bye-laws of a company that carry out its objectives as defined in the memorandum of association and manage internal affairs. Certain companies, like private limited companies, companies limited by guarantee, and unlimited companies must have their own articles. The articles outline various aspects of company administration and management, including share capital, shareholder rights, meetings, borrowing powers, and alteration or winding up of the company. While companies have wide powers to alter articles, the articles must be consistent with and subordinate to the memorandum of association.
Capacity to contract
According to Indian contract law, a person must be of the age of majority, of sound mind, and not otherwise legally disqualified to have the capacity to enter into a valid and enforceable contract. A minor, defined as a person under 18 years of age, lacks such capacity and any agreements entered into by a minor are void ab initio. However, a minor can be held liable to pay for necessities provided to them, such as food, clothing, shelter, and services related to education or healthcare. A person of unsound mind, including idiots, lunatics, or those intoxicated, also lacks the capacity to contract if unable to understand the nature and effect of the agreement.
Breach of contract
This document discusses breach of contract, which can be actual or anticipatory. Actual breach occurs when performance is not tendered or is defective, while anticipatory breach happens before the performance is due. For breach of contract, the injured party can rescind the contract, sue for damages or specific performance, seek an injunction to restrain a negative term, or sue on quantum meruit. An injunction is a court order restraining a person from a specific act.
Contract of indemnity contract of guarantee
An indemnity contract involves two parties, where one party (the indemnifier) promises to compensate the other (the indemnified) for losses caused by the indemnifier or a third party. A guarantee contract involves three parties, where one (the surety) guarantees to perform a promise made by a second (the principal debtor) if the second defaults, to benefit a third (the creditor). The principal debtor is primarily liable, while the surety is secondarily liable. The surety's rights include subrogation to the creditor's rights against the debtor, benefit of securities held by the creditor, and reimbursement from the debtor for amounts paid. The surety is discharged by changes to
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This document discusses various ways in which a contract can be discharged or terminated, including by performance, mutual agreement, breach of contract, impossibility of performance, or by operation of law. It defines different types of breaches, including material breach, minor breach, anticipatory breach, and actual breach. For each type of breach, an example is provided. The document also discusses remedies available to an injured party for breach of contract, including recession of contract, suit for damages, suit upon quantum meruit, suit for specific performance, and suit for injunction.
Bailment and pledge
This document discusses bailment and pledge under Indian contract law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned after. The person delivering the goods is the bailor and the person receiving them is the bailee. Bailment can be gratuitous (without payment) or for a reward. A pledge is a type of bailment where goods are delivered as security for a debt. The document outlines the essential elements, types, duties of bailors/bailees, rights of bailors/bailees, and termination of bailment. It compares bailment to sale and bailment to pledge.
contract of sale
The document provides information on contracts of sale under Indian law. It summarizes that [1] a contract of sale is defined as an agreement where the seller transfers property in goods to the buyer for a price, [2] essential elements include at least two parties, goods as the subject matter, a money price, and transfer of property, and [3] characteristics include the buyer and seller, goods as movable property, and transfer of ownership either immediately or at a future time.
ESSENTIAL ELEMENTS OF A VALID CONTRACT
The document outlines the 10 essential elements of a valid contract according to Indian contract law: 1) Proper offer and acceptance, 2) Intention to create a legal relationship, 3) Lawful consideration, 4) Competent parties, 5) Free consent, 6) Lawful object, 7) Certainty of meaning, 8) Possibility of performance, 9) Not declared void or illegal, and 10) Compliance with legal formalities such as writing or registration requirements. The elements must all be present for an agreement to be considered an enforceable contract under Indian law.
Indian contract act part2& 3
This document discusses contractual capacity and incapacity under Indian law. It states that only natural persons who are of sound mind and the age of majority, and not otherwise disqualified, are competent to contract under Section 11. Minors, persons of unsound mind, aliens, foreign states, and some corporations may lack contractual capacity. A minor's contracts are void against the minor to protect their interests. Consent must be free of coercion, undue influence, fraud, or misrepresentation. Contracts can be discharged through performance, mutual consent, lapse of time, operation of law, impossibility of performance, or breach.
Acceptance
The document defines acceptance under Indian contract law and lists the essentials of a valid acceptance. It states that acceptance must be absolute and unconditional, communicated to the offeror, given by the party to whom the offer was made, within a reasonable or prescribed time, in the prescribed manner, before the offer is revoked or lapsed, with the acceptor aware of the offer. Mere silence is not generally considered acceptance unless agreed or customary. An offer can end through revocation, lapse of time, failure to meet conditions, death or insanity of the offeror, counteroffer, rejection, or changes in law.
Discharge of contract
This document discusses the various ways in which a contract can be discharged, including:
1) By performance or tender of performance by both parties.
2) By mutual consent through novation, rescission, alteration, remission, waiver or merger.
3) By impossibility of performance, which can be inherent, subsequent, or due to commercial impossibility, failure of a third party, or other events.
4) By operation of law due to events such as death, insolvency, or merger.
5) By lapse of time.
6) By breach of contract, which can be an actual or anticipatory breach.
Indian contract act 1872
The document discusses the essentials of a contract under Indian law. It defines a contract and explains that a valid contract requires agreement and consideration between two parties. It classifies contracts into different types such as express and implied, executed and executory, unilateral and bilateral, and valid, void, voidable and illegal based on how they are formed and executed. Key points covered include definitions of contract, elements of a valid contract, and classifications of contracts according to formation, execution and enforceability.
Introduction Of Quasi Contract , Meaning Of Quasi Contract ,Principle Of Quas...
Quasi-contract is a binding obligation imposed by courts to prevent injustice or unjust enrichment where the technical requirements of a contract are not met. It involves a party being enriched at another's expense in an unjust manner. The document outlines 5 situations where quasi-contracts are recognized by law, including supplying necessities to incompetent persons, payment by an interested party, non-gratuitous acts, finder of goods responsibilities, and money/items paid by mistake or coercion. Examples are provided for each to illustrate how courts establish quasi-contractual obligations.
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Sale and agreement to sell under Law of Contract 2
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Introduction Of Quasi Contract , Meaning Of Quasi Contract ,Principle Of Quas...
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Similar to Contract of guarentee and indemnity
Contract act contract of guarentee and indemnity
An indemnity contract involves two parties, the indemnifier who promises to compensate the indemnity holder for any losses. A guarantee contract involves three parties, the creditor who lends money, the principal debtor who receives the loan, and the surety or guarantor who guarantees the loan. The key differences are that an indemnity contract only has two parties and one contract, while a guarantee contract has three parties and sub-contracts defining primary and secondary liability. The indemnifier bears full liability, while the surety can recover payments from the principal debtor in a guarantee contract.
Business law _Notes
The document outlines key concepts related to commercial law and contracts in India across 5 units. It discusses contracts of indemnity, guarantee, bailment and pledge. A contract of indemnity involves two parties - the indemnifier who promises to protect the indemnity holder from losses. A contract of guarantee involves three parties - the principal debtor, creditor, and surety. The surety guarantees the debt of the principal debtor. Bailment involves the delivery of movable goods by the bailor to the bailee.
indeminty vs guarntee difference.pptx
Indemnity and guarantee are different types of contracts. Indemnity involves two parties, where one party promises to compensate the other for losses incurred due to their actions or a third party. Guarantee involves three parties, where one party promises to perform a contract or pay the debt of a third party if they default. The key differences are: indemnity involves two parties while guarantee involves three; indemnity compensates past losses while guarantee ensures future performance or payment of debt; and indemnity liability arises depending on a contingency while guarantee liability already exists.
Special contract Indemnity and guarantee
This slide share is beneficial for academicians,learners graduation's student as well as student of CA,CS, and aspirant of UGC NTA NET.
Indemnity_and_guarantee.ppt
This document discusses contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the conduct of the promisor or a third party. A contract of guarantee involves three parties - a principal debtor, a creditor, and a surety who guarantees to perform or discharge the liability of the debtor in case of default. The document outlines the rights and obligations of parties under these contracts and circumstances under which a surety may be discharged.
Indemnity_and_guarantee.ppt
This document discusses contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the conduct of the promisor or a third party. A contract of guarantee involves three parties - a principal debtor, a creditor, and a surety who guarantees to perform or discharge the liability of the debtor in case of default. The document outlines the rights and obligations of parties under these contracts and circumstances under which a surety may be discharged.
Contingent contracts
This document discusses contingent contracts under Indian law. It defines a contingent contract as one where performance depends on an uncertain future event. Insurance, indemnity, and guarantee contracts are provided as examples. Key requirements of contingent contracts are outlined, including that the future event be uncertain and collateral to the contract. The document also discusses differences between contingent contracts and void wagering agreements, and conditions for enforcement and voidness of contingent contracts. Commercial applications of contingent contracts including insurance, guarantees, negotiations, and mergers & acquisitions are also mentioned.
Idm & gur
1. A contract of indemnity involves two parties, where one party promises to compensate the other for any loss or liability incurred. A contract of guarantee involves three parties, where a guarantor promises the creditor to compensate for the debt if the principal debtor defaults.
2. The key differences are: in indemnity the indemnifier's liability is primary while in guarantee the surety's liability is secondary; indemnity covers future losses while guarantee covers existing debts; and the surety can recover from the principal debtor, while the indemnifier can only recover from the indemnity holder.
3. For a guarantee to be valid, it must satisfy the requirements of a contract and
TOPIC 6.pptx
The document discusses key terms and concepts related to insurance contracts. It covers topics such as:
- The elements required for a valid contract, including offer/acceptance, consideration, capacity, and legal purpose.
- Distinguishing characteristics of insurance contracts, such as the principle of indemnity, subrogation, contracts of adhesion, representation, concealment, and entire contracts.
- Other insurance contract clauses and concepts like incontestable clauses, the aleatory feature, recession, and reformation.
Indemnity and Guarantee
The document discusses the key differences between contracts of indemnity and guarantee. It explains that indemnity involves two parties - the indemnifier who promises to compensate the indemnity holder for losses. Guarantee involves three parties, where the surety guarantees a debt owed by the principal debtor to the creditor. The surety is only secondarily liable if the principal debtor defaults. The document outlines the rights and obligations of each party in both types of contracts.
Special contracts by bhawani nandan prasad it director
The document discusses various types of special contracts under Indian contract law, including indemnity, guarantee, bailment, and pledge. It provides definitions and essential elements of each contract. For indemnity, the indemnifier is liable for losses caused by themselves or others to the indemnified. For guarantee, there are three parties - creditor, principal debtor, and surety, with the surety guaranteeing payment if the debtor defaults. Bailment involves delivery of goods for a purpose, while pledge is a bailment where goods are security for a debt.
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The document discusses various aspects of wagering agreements and quasi contracts under Indian contract law. It defines wagering agreements as agreements to pay money based on uncertain future events, and notes they are generally void but some exceptions exist. Quasi contracts are discussed as resembling contracts but lacking formal agreement - the law still imposes obligations. Remedies for breach of contract include rescission, damages under ordinary and special rules, and liquidated damages versus penalties are distinguished.
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The document discusses different types of contracts related to guarantees and indemnities under Indian contract law. It defines contracts of indemnity and guarantees, and outlines the key parties and elements involved. It also describes the rights and responsibilities of sureties, indemnifiers, principals, and creditors. It discusses circumstances under which guarantees or indemnities may be discharged or considered invalid.
Business Law: Indemnity and guarantee
The document discusses contracts of indemnity and guarantee. It defines a contract of indemnity as one where one party promises to save the other from loss. A contract of guarantee involves a third party (surety) who promises to be responsible for another's (debtor's) debt or obligation if they fail to perform. The key parties and essential elements of each contract are outlined. Rights of the indemnity holder and surety are also described, as well as types of guarantees and ways a surety can be discharged from liability.
Contract of guarantee - Legal Environment of Business - Business Law - Manu M...
According to Section 126, “a contract of Guarantee is a contract to perform the promise or to discharge the liability of a third person in case of his default.”
Indemnity_and_guarantee.pptx
This document provides information about contracts of indemnity and guarantee under business law. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the promisor or a third party. A contract of guarantee involves three parties where a surety promises to fulfill the liability of a principal debtor in case of default. The key differences between the two contracts are that indemnity involves two parties and primary liability, while guarantee involves three parties and secondary liability of the surety. The document outlines the rights and obligations of parties under these contracts.
BUSINESS LAW (COM/CME 2655)Comparison between contract of indemnity and guara...
Indemnity means insurance or protection against loss or damage. A contract of indemnity involves two parties, where one party (the indemnifier) promises to compensate the other (the indemnity holder) for any loss or liability incurred. A contract of guarantee involves three parties, where one party (the surety) guarantees to a creditor that if a third party (the principal debtor) defaults on a debt, the surety will pay instead. The key differences are that a contract of indemnity reimburses losses after they occur, while a contract of guarantee provides security against a pre-existing liability in case of default.
Insurance contracts
An insurance contract is an agreement where an insurance company agrees to compensate the insured for financial losses from specified risks in exchange for premium payments. Key characteristics include indemnifying the exact financial loss, contracts of adhesion drafted by the insurer, and consideration in the form of premiums paid by the insured. Insurance promotes savings, investment, financial security, and protection from risks for individuals and businesses. For a contract to be valid, there must be agreement between competent parties, lawful consideration, a legal purpose, and fulfillment of legal formalities. The principles of utmost good faith, insurable interest, proximate cause, and indemnity also apply to insurance contracts.
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Special contracts by bhawani nandan prasad it director
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This document contains summaries of 3 questions from a Business Law paper.
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2) It defines a contract of sale and unpaid seller. An unpaid seller is one who has not received full payment for goods. Rights of an unpaid seller include lien on goods and right of stoppage in transit or resale.
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This document discusses key concepts related to negotiable instruments under Indian law. It defines negotiable instruments as written documents that create or transfer certain rights to payment. The three main types of negotiable instruments are promissory notes, bills of exchange, and cheques. It outlines essential elements, characteristics, parties involved, types of endorsement and more for each instrument. The document also discusses concepts like holder, holder in due course, crossing and more.
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The Factories Act of 1934 establishes requirements for worker health, safety, and welfare in factories across Pakistan. Key aspects of the act include provisions for cleanliness, ventilation, lighting, drinking water, sanitation facilities, restrictions on working hours for children and adults, and appointment of inspectors to enforce the regulations. The act defines terms like factory, worker, adult, and child. It also specifies standards for issues like temperature, humidity, overcrowding, disposal of waste, and prevention of diseases in factories. The health and safety section covers requirements for facilities, cleanliness, and precautions regarding issues that could affect worker well-being.
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The document discusses the essential elements of a valid contract under Indian law. It states that a contract requires an offer and acceptance which constitutes a promise, along with consideration between the parties to create a legal agreement. Not all agreements are contracts, as social or domestic agreements are not enforceable by law. The key elements outlined are: offer and acceptance, lawful purpose, consent of parties, capacity to contract, certainty of terms, possibility of performance, lawful consideration, and compliance with required formalities.
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Contract of guarentee and indemnity
- 2. Indemnity Contract • A contract where one party promises to save the other from any loss caused to him by the conduct of promisor himself or any other person is called contract of indemnity, (Section 124) Contract Act, 1872. • Indemnity contract includes two parties namely; Indemnifier and Indemnity holder. The person who is promising to pay compensation is called Indemnifier and the person who`s loss is compensated is called Indemnity holder. • Example • There is a contract between X and Y according to which X has to sell a tape recorder (which is selected) to Y after three months. • On the next day of their contract Z has come to X and has insisted on selling the same tape recorder to him (Z). • Here Z is promising to compensate X for any loss faced by X, due to selling the tape recorder to Z, X has agreed. • Now the contract which has got formed between X and Z is called indemnity contract, where Z is indemnifier and X is indemnity holder.
- 3. Guarantee Contract • A contract to perform the obligation or to discharge the liability of a third party in case of its default is called contract of guarantee, (Section 126) Contract Act, 1872. • Guarantee contract includes three parties namely; Creditor, Principal Debtor and Surety. • The person who is granting the loan is Creditor • The person who is utilizing the amount of loan is principal debtor • The person who is giving guarantee is called surety or guarantor or favored debtor • In case of guarantee contract there will be two types of liabilities namely • Primary liability and secondary liability. • Primary liability will be with principal debtor • Secondary liability goes to surety. • Example: Y is in need of Rs. 10000/-. Upon guarantee by Z, Y has got the amount from X. Here X, Y and Z are creditor, principal debtor and surety respectively.
- 4. Difference Between Indemnity Contract and Guarantee Contract • Number of Parties:* Indemnity contract includes two parties namely, indemnifier and indemnity holder. But guarantee contract includes three parties namely creditor, Principal debtor and surety. • Number of Contracts:* In case of indemnity contract, as there are only two parties, there is possibility for existence of one contract only. But a contract of guarantee includes three sub-contracts. • Nature: *As indemnity contract includes two parties and one contract, it can be said that indemnity contract is simple in nature. But guarantee contract includes three parties and three sub-contracts and hence be said that guarantee contract is complex in nature.
- 5. Difference Between Indemnity Contract and Guarantee Contract • Liability:* In contract of guarantee there will be two types of liabilities namely; primary and secondary liabilities which will be with principal debtor and surety respectively. But in contract of indemnity there is no classification and sharing of liability where the absolute liability rests with indemnifier. • Recovery:* In case of indemnity contract the indemnifier, after compensating indemnity holder`s loss, cannot recover that amount from any person. But in contract of guarantee, if surety makes payment to creditor, he (surety) can recover that amount from principal debtor. • Interest of parties: *Indemnity contract gets formed upon indemnifier`s interest and guarantee contract gets formed upon principal debtor`s • Interest of parties: *Indemnity contract gets formed upon indemnifier`s interest and guarantee contract gets formed upon principal debtor`s interest.
- 6. THANK YOU
- 8. Contingent Contract A contingent contract has been defined as a contract to do or not to do something, if some event collateral to such contract does or does not happen. A contingent contract is wider in scope. A contingent contract thus includes a wager. In other words a wagering agreement is a contingent agreement (contract). In a contingent contract mutual promises are not necessary. Sec 31
- 9. Contingent Contract • Example. A promises B to pay Rs. 1,000 if a ship does not return. Here A is making a promise to pay but B is not making a similar promise to pay A. thus there is no mutuality of promises in a contingent contract. • In a contingent contract there is an independent interest. Example. A gets his house insured. It is a contingent contract as A has independent interest in this case. • In a contingent contract determination of an uncertain event is not the sole condition. • A contingent contract is valid.
- 10. Wagering Agreement • A wager is a promise to pay money or money's worth on the happening or non-happening of an uncertain event. • A contingent contract need not necessarily be a wager. Thus we can say that all wagering agreements are contingent but all contingent contracts are not wager. • In case of a wagering agreement promise must be mutual. • Example. In wagering agreement A agrees to pay B 20 rupees if it rains on Monday and if it does not rain B will pay 20 rupees to A. In the above example there is mutuality of agreement but this mutuality of promises is not necessary in case of a contingent contract.
- 11. Wagering Agreement • In a wagering agreement there is no independent interest apart from the money to be won or lost. • Example. A promises to pay Rs. 100 to B if it rains on Monday. It is a wagering agreement as A has no independent interest. • In a wagering agreement determination of an uncertain event is the main condition of the contract. • A wagering agreement is void/ illegal.
- 12. Difference