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Section 124 - Contract of indemnity defined : Indian Contract Act 1872

 

How Contract of indemnity defined? Section 124 of Indian Contract Act 1872

Section 124 of Indian Contract Act 1872 : "Contract of indemnity defined"

124. A contract 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, is called a "contract of indemnity".

Illustration
A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity.

 

INDIAN CONTRACT ACT 1872

Section 61 - Application of payment where neither party appropriates

Contracts which need not be performed

Section 62 - Effect of novation, rescission and alteration of contract

Section 63 - Promisee may dispense with or remit performance of promise

Section 64 - Consequences of rescission of voidable contract

Section 65 - Obligation of person who has received advantage under void agreement, or contract that becomes void

 

 

Section 66 - Mode of communicating or revoking rescission of voidable contract

Section 67 - Effect of neglect of promisee to afford promiser reasonable facilities for performance

CHAPTER V CERTAIN RELATIONS RESEMBLING THOSE CREATED BY CONTRACT

Section 68 - Claim for necessaries supplied to person incapable of contracting, or on his account

Section 69 - Reimbursement of person paying money due by another, in payment of which he is interested

Section 70 - Obligation of person enjoying benefit of non-gratuitous act

 

 

Section 71 - Responsibility of finder of goods

Section 72 - Liability of person to whom money is paid or thing delivered by mistake or under coercion

CHAPTER VI THE CONSEQUENCES OF BREACH OF CONTRACT

Section 73 - Compensation for loss or damage caused by breach of contract

Section 74 - Compensation for breach of contract where penalty stipulated for

Section 75 - Party rightfully rescinding contract entitled to compensation

 

 

CHAPTER VII SALE OF GOODS

Section 76-123 Sale of Goods omitted

CHAPTER VIII INDEMNITY AND GUARANTEE

Section 124 - Contract of indemnity defined

Section 125 - Rights of indemnity-holder when sued

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