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    Question

    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 ______________ under the Contract Act
    A Indemnity Correct Answer Incorrect Answer
    B Bailment Correct Answer Incorrect Answer
    C Guarantee Correct Answer Incorrect Answer
    D Pledge Correct Answer Incorrect Answer
    E Agency Correct Answer Incorrect Answer

    Solution

    Section 124.   "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.

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