Section 124 of the Contract Act defines a contract of indemnity as a contract by which one party promises to save the other party from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person. P. contracts to indemnify Q against the consequences of any proceeding which R may. take against Q in respect of a certain sum of Rs. 200. This is a Contract of Indemnity: P is called the indemnifier and Q the Indemnity-holder.
Characteristics
Characteristics (or the requisites) of a Contract of indemnity are as follows :
l. A contract of guarantee must satisfy all the essential elements of a contract. For example, the object must be lawful, there must be free consent etc.
2. The Contract may be express or implied. An express contract is by word or by writing. An implied contract of indemnity comes from the circumstances of the` case or the relationship between the parties.
3. Section 69 implies a promise to indemnify
Characteristics
Characteristics (or the requisites) of a Contract of indemnity are as follows :
l. A contract of guarantee must satisfy all the essential elements of a contract. For example, the object must be lawful, there must be free consent etc.
2. The Contract may be express or implied. An express contract is by word or by writing. An implied contract of indemnity comes from the circumstances of the` case or the relationship between the parties.
3. Section 69 implies a promise to indemnify
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