{"id":4239,"date":"2011-08-10T10:38:20","date_gmt":"2011-08-10T10:38:20","guid":{"rendered":"<p style=\"text-align: center\"><strong>The Indian Contract Act, 1872<\/strong><\/p><p>\u00a0<\/p>  <h2>124. \"Contract of indemnity\" defined<\/h2>  <p>\u00a0<\/p><p>A contract by which one party promises to save the other from loss caused to him by the contract of the pro"},"modified":"2011-08-10T10:38:20","modified_gmt":"2011-08-10T10:38:20","slug":"ica-s124","status":"publish","type":"post","link":"https:\/\/mynation.net\/laws\/bare-acts\/contractact\/ica-s124.htm","title":{"rendered":"Section 124 -The Indian Contract Act, 1872"},"content":{"rendered":"<p style=\"text-align: center\"><strong>The Indian Contract Act, 1872<\/strong><\/p>\n<p>\u00a0<\/p>\n<h2>124. &#8220;Contract of indemnity&#8221; defined<\/h2>\n<p>\u00a0<\/p>\n<p>A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person, is called a &#8220;contract of indemnity&#8221;.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Illustration<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>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.<\/p>\n<p>\u00a0<\/p>\n<p><strong>COMMENTS<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>Idemnity and guarantee<\/p>\n<p>Acknowledgement of debt by principal debtor binds the guarantor in all respects as if he had given express consent; United Commercial Bank v. B. M. Mahadev Babu, AIR 1992 Kant 294.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><a href=\"ica-s76-123.htm\">Previous<\/a> | <a href=\"ica-s125.htm\">Next<\/a><\/p>\n<p>\u00a0<\/p>\n<p><a href=\"contractact.htm\"><strong>The Indian Contract Act, 1872<\/strong><\/a> <\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><a href=\"http:\/\/mynation.net\/laws\/\"><strong>Indian Laws &#8211; Bare Acts<\/strong><\/a><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>section<\/p>\n","protected":false},"author":1000,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"sidebar-page.php","format":"standard","meta":{"_customify_content_layout":"","_customify_sidebar":"","_customify_page_header_display":"","_customify_disable_header":"","_customify_disable_header_top":"","_customify_disable_header_main":"","_customify_disable_header_bottom":"","_customify_disable_page_title":"","_customify_disable_content_vertical_padding":"","_customify_disable_footer_top":"","_customify_disable_footer_main":"","_customify_disable_footer_bottom":"","_customify_breadcrumb_display":"","_customify_header_transparent_display":"","footnotes":""},"categories":[17928],"tags":[17544,17545,17329,17929,17930,14064,17330,17294,17546,17931],"class_list":["post-4239","post","type-post","status-publish","format-standard","hentry","category-contractact","tag-acts-of-india","tag-bare-acts-at-mynation-net","tag-bare-acts-of-india","tag-indian-contract-act","tag-indian-contract-act-1872","tag-indian-laws","tag-laws-2","tag-laws-of-india","tag-laws-of-india-at-mynation-net","tag-the-indian-contract-act-1872"],"_links":{"self":[{"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/posts\/4239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/users\/1000"}],"replies":[{"embeddable":true,"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/comments?post=4239"}],"version-history":[{"count":0,"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/posts\/4239\/revisions"}],"wp:attachment":[{"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/media?parent=4239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/categories?post=4239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mynation.net\/laws\/wp-json\/wp\/v2\/tags?post=4239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}