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Which section of the Indian Contract Act, 1872 defines a contract of indemnity?

Section 124 defines a contract of indemnity as a promise to protect another from loss caused by the conduct of the promisor or another person.

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Which section of the Indian Contract Act, 1872 defines a contract of indemnity?

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Answer and explanation

Correct answer D

Section 124 defines a contract of indemnity as a promise to protect another from loss caused by the conduct of the promisor or another person.

Option feedback

Option A

Section 126 defines a contract of guarantee and the roles of surety, principal debtor and creditor.

Option B

Section 127 addresses consideration for a guarantee.

Option C

Section 128 provides the default extent of the surety’s liability.

Option D

Section 124 defines a contract of indemnity as a promise to protect another from loss caused by the conduct of the promisor or another person.

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