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Section 124 of the Indian Contract Act, 1872.

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“Contract of indemnity” defined.—

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”.

Also Check: The Indian Contract Act Free One Liner Notes

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.

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Section 124 of the Indian Contract Act, 1872.

“Contract of indemnity” defined.—

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