How Contract of indemnity defined? Section 124 of Indian Contract Act 1872
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".
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.
Contracts which need not be performed
CHAPTER V CERTAIN RELATIONS RESEMBLING THOSE CREATED BY CONTRACT
CHAPTER VI THE CONSEQUENCES OF BREACH OF CONTRACT
CHAPTER VII SALE OF GOODS
Section 76-123 Sale of Goods omitted
CHAPTER VIII INDEMNITY AND GUARANTEE