Security rights under the Indian Contract Act 1872 essay
The various aspects of bail liability in India. By Fathima Mehendi Published, 1: GMT. Surety Liability: The Indian Contracts Act, detailed provisions relating to surety. According to the Indian contract: A contract whereby one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of another person, is called an 'Indemnity Agreement'. Under the Indian contract: Rights of the holder of an indemnity in a lawsuit. Warranty contract. The guarantee contract is concluded with the consent of the principal debtor, the creditor and the guarantor. According to the Indian Contract Act, this is the contract of guarantee. states that a “contract of guarantee” is a contract to perform, or discharge, the promise under the Indian Contract Act, 1872. Chapter VIII of Indemnity and Guarantee: Collaterals capable of making an equal contribution. 146. Where two or more persons are co-insurers for the same debt or obligation, jointly or severally, and on the basis of the same or different contracts, and with or without the knowledge of each other, the State 4 may rule that the rights of indemnity and equivalent rights of the surety under 5 of the Indian Contract Act. After settlement of all damages, the indemnitor takes ownership of the property and becomes the indemnity holder. The Indian Contract Act, 1872, defines a 'contract of indemnity'. It states that when one party promises to compensate another party for the losses they have suffered as a result of something the promisee has done or failed to do, there is a contract of damages between the parties. The subject matter of the Indian Contract Act divided into: A. Execution of the terms of a proposal and. B. Acceptance of any consideration for a reciprocal promise that may be offered with a proposal, C. Both A and B D. None of these. The Indian Contract Act, -VIII of Indemnity and Guarantee: Liability of the Surety. 128. The liability of the surety is equal to that of the principal debtor, unless the agreement provides otherwise. Illustration A guarantees to B the payment of a bill of exchange by C, the acceptor.