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CONTRACT - ii - Renaissance Law College

CONTRACT - ii UNIT 1. Meaning of Indemnity INDEMNITY. The term 'indemnity'. means to make good the The CONTRACT of Indemnity and CONTRACT of Guarantee are loss or to compensate the party who has sufferedspecific types of CONTRACT . The specific provisions relating to some loss. these contracts are contained in Sections124 to 147 of the Indian CONTRACT Act, 1872. In addition to these specific provisions, the general principles of contracts are also applicable to such specific contracts. CONTRACT OF INDEMNITY [Section 124].

As per English law, a contract of indemnity is defined as "a promise to save another harmless from loss ... Any guarantee which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and assent, concerning a material part of …

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