What does section 124 of the Indian Contract Act, 1872 define?
Question and options
What does section 124 of the Indian Contract Act, 1872 define?
Contract of guarantee
Pledge
Contract of indemnity
Bailment
Answer and explanation
Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as one by which a party promises to save the other from loss caused by the conduct of the promisor or of any other person. A contract of guarantee is defined in section 126, bailment in section 148 and pledge in section 172.
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