A contract of ‘Indemnity’ under the Indian Contract Act, 1872, has been defined in Section:

Option A: 124

Option B: 123

Option C: 125

Option D: 126(a)

Correct Answer

Option: a

Explanation

Section 124 of Indian Contract Act, 1872 defines Contract of indemnity. It states that-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 “contract of indemnity”.

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