1- INTRODUCTION 6
2- WHAT IS INDMENITY? 7
3- SECTION 124 DEFINATION OF CONTARCT OF INDEMNITY 8
4- INDMENITY UNDER ENGLISH LAW (COMPARISON) 9
5- DIFFENCES BETWEEN GUARANTEE AND INDEMNITY 11
6- SECTION 125 RIGHT OF THE INDEMNITY HOLDER ...view middle of the document...
It can be studied along with the comparison with English law and diffrences to solve the ambiguity between indemnity and guarantee. My observations and conclusions are based upon the secondary materials. The methodology adopted by me to draw conclusion about the topic is basically depended upon non-doctrinal research. I took the help of various research papers having focus upon the study of Contract, Contract of indemnity- a comparative study. I also took the help of text books, magazines, public opinion but to a very limited scope which was basically a feedback from my friends and the most non exhaustive resource that is the internet. The books I referred to were from the library of Damodaram Sanjivayya National Law University.
1- What is contract of indemnity?
2- Where the contract of indemnity derived from which country?
3- What are the scope of indemnity under SEC 125?
4- English law comparison with India?
5- What is the difference between Indemnity and Guarantee?
6- What are the right of the indemnity holder when sued?
7- What is the scope of the indemnity holder UNDER SEC 125?
WHAT IS INDEMNITY?
Indemnity means a promise to save a person from harm for the consequence of an act. The promise may be express or it may be implied for the circumstances of the case we can explain it with suitable example which clearly tells about the example of implied consent in the case the plaintiff were in the position of certain truck which were claimed both by the defendant and one K.P. Co. the defendants demanded delivery and the plaintiff asked for an indemnity bond, but received no reply. Even so they delivered the truck to the defandants in such a case K.P Co, having successfully sued the plaintiffs for conversion of their property the plaintiff were held entitiled to recover indemnity from the defendant on am implied promise as evidenced by the fact that by demanding an indemnity they made it quite clear that they had no intention to deliver except of indemnity. Similarly a corporation having registered a transfer of stock on the request of a banker was entitled to recover indemnity from the bnker when the transfers were discovered to be forged. These are some similar cases which clears the view about the indemnity how it can be enforced with the implied and express consent it cleared about the facts of indemnity.
BORROWED FROM ENGLISH LAW (Halsbury law of England)
Indemnity is been borrrwed from the Halsbury’s law of England or we can say we can derive it from England , an indemnity is defined “as a contract, express, implied, to...