Indemity
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This document defines and explains the concept of indemnity. It begins by providing the meaning of indemnity as security or compensation for damage or loss. It then defines an indemnity contract as one where one party promises to save the other from losses caused by the promisor or a third party. The promisor is called the indemnifier and the promisee is the indemnified or indemnity holder. It concludes by outlining the rights of the indemnity holder, including damages paid, costs incurred, and sums paid in prudent compromise in suits related to matters covered by the indemnity.
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The document defines indemnity as a contract by which one party promises to protect the other from losses caused by the promisor or a third party. It states that an indemnity contract must satisfy the elements of a valid contract and can be express or implied. The document also defines bailment as the delivery of goods by one person to another for a specific purpose, with an implied contract for return or disposal of the goods. It classifies bailments as gratuitous or for reward and outlines the duties and rights of bailees and bailers in a bailment relationship.
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The document defines indemnity as a contract by which one party promises to protect the other from losses caused by the promisor or a third party. It states that an indemnity contract must satisfy the elements of a valid contract and can be express or implied. The document also defines bailment as the delivery of goods by one person to another for a specific purpose, with an implied contract for return or disposal of the goods. It classifies bailments as gratuitous or for reward and outlines the duties and rights of bailees and bailers in a bailment relationship.
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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 losses caused by the promisor or a third party. It provides an example of Mr. A failing to return to India as promised, making him liable to reimburse the government. It also outlines essential elements, rights of indemnified parties, and types of guarantees.
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1) A contract of indemnity involves one party promising to save another from financial loss, while a contract of guarantee involves a third party (the surety) promising to be liable for another's (the principal debtor's) debt or obligation.
2) In a contract of indemnity there are two parties (indemnifier and indemnity holder), while a contract of guarantee involves three parties (creditor, principal debtor, and surety).
3) The surety's liability under a contract of guarantee is secondary to the principal debtor's liability, while the indemnifier's liability under a contract of indemnity is primary.
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The document discusses contracts of indemnity and guarantee under Indian contract law. It defines a contract of indemnity as a promise to save someone from loss caused by one's own actions or another's actions. A contract of guarantee involves three parties where a surety promises a creditor that they will perform or pay if a principal debtor defaults. The document outlines the essential elements of these contracts, rights of the parties, and key cases that have helped establish principles like when an indemnifier's liability arises and implied rights of indemnifiers. It concludes that indemnity contracts are commonly used but their outcomes are unpredictable, requiring careful drafting to clearly allocate risks and liabilities.
Indemnity and guarantee
This document discusses contracts of indemnity and guarantee. It defines a contract of indemnity as one where one party promises to compensate another for losses caused by the promisor or a third party. It notes the indemnifier promises to pay losses and the indemnified is the party whose losses are covered. For contracts of guarantee, it explains that a surety guarantees to perform or pay a third party's debt in case of default. The document compares key elements of indemnity and guarantee contracts and provides examples. It also outlines rights and discharge of a surety.
Quasi contracts
A quasi-contract is an obligation imposed by law that resembles a contract but where some essential element of a true contract is missing. It is based on the principle of equity to prevent unjust enrichment. Quasi-contracts are not based on an actual agreement between the parties. The key aspects of a quasi-contract are that the duty arises by law rather than promise, the right is usually to a sum of money, and the right is against a specific person rather than the world. A suit for breach would be filed similar to a true contract.
Indemnity and guarantee contracts
Indemnity and guarantee contract is the topic covered from Business law, it is a brief explanation on indemnity and Guarantee contracts.
Contract of Indemnity
A contract of indemnity is defined as one where one party promises to compensate the other for any losses caused either by the promisor's actions or those of others. The person making the promise is the indemnifier and the person receiving the promise is the indemnified. For a contract of indemnity to be enforceable, it must meet all the requirements of a valid contract. If the purpose or consideration of the indemnity is unlawful, such as promising to indemnify someone for assaulting another person, the contract cannot be enforced. Contracts of insurance, excluding life insurance, as well as implied contracts between auctioneers and those requesting an auction are also considered contracts of indemnity.
1. Contract of Indemnity (special contracts).pptx
The PPT explains the contract of indemnity, a part of special contract syllabus in the course of B.A. LL.B. It helps students understand the concept of indemnity in Indian contract act and its relationship with guarantee.
Contract of indeminity - Legal Environment of Business - Business Law - Manu ...
To indemnify means to compensate or make good the loss. According to Section 124 of the contract Act, “A contract of indemnity a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person.”
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.
Contract of indemnity
This document discusses contracts of indemnity under Indian law. It defines a contract of indemnity as one where one party promises to save the other from losses caused by the promisor or a third party. It provides examples of indemnity contracts like motor, marine, and fire insurance. The document identifies the indemnifier as the party who promises indemnification and the indemnity holder as the party whose losses are covered. It outlines the rights of an indemnity holder when sued, including damages paid, costs incurred, and sums paid in compromise if following the indemnifier's orders. Finally, it notes the contract act is silent on the rights of the indemnifier.
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Indemity
- 2. INDEMITY Meaning The meaning of ‘Indemnity’ is ‘Security against Damage or Loss’ or ‘Compensation for Damage’ To ‘Indemnify’ someone means to ‘Compensate him for a certain loss’ or ‘ To make good the loss’
- 3. Definition ‘A contract by which one party promises to save the other from loss caused to him by the conduct of the promises himself or by the conduct of any other person is called a contract of indemnity’
- 4. The person who agree to make good the loss is called the ‘Indemnifier’. He is the promisor. The person whose loss is to be made good is called the ‘Indemnified’ or ‘Indemnity- holder’. He is the promise.
- 5. Rights of the Indemnity –holder(section 125) All damages which he may be compelled to pay in any suit in respect of any matter to which the promise to indemnify applies. All cost which he may be compelled to pay in bringing or defending such a suit. The indemnifier however should have acted in a prudent manner or with the authority of the indemnifier All sums which he may have paid under the terms of any such suit. The compromise however should be prudent or authorized by the indemnifier.