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As per Section 124 of the Indian Contract Act, 1872, a contract of indemnity is a contract:

Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as one "by which one party promises to save the other from loss caused to him by the conduct of…

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As per Section 124 of the Indian Contract Act, 1872, a contract of indemnity is a contract:

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Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as one "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". Performing a third person's promise or discharging his liability is a guarantee under section 126, and delivery of goods to be returned is bailment under section 148.

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