2h 48m
Study material
Explained in
Published material from The Law Easy that cites Section 171.
Complete courses
2h 48m
Notes and articles
Banking Law Complete notes
Banking Law: Complete Notes
About this subject ▶ Watch this part of the lecture (00:00) Banking Law (the law and practice of banking in India) runs from why banks exist and why the law watches them so closely, to newer questions such as card frauds, online banking and FinTech. Behind every deposit, cheque, loan and online tra…
106 min read
Law of Contract II (Specific Contracts) Complete notes
Contract Law II: Complete Notes
About this subject ▶ Watch this part of the lecture (0:00) Contract Law II has six units, from indemnity to how these rules work for governments and consumers. These contracts arise daily: handing car keys to a valet, pledging gold for a loan, buying a phone, starting a business with a friend. Conn…
126 min read
Law of Contract II (Specific Contracts) Complete notes
Law of Contract II
A Contract of Indemnity is defined under Section 124 of the Indian Contract Act, 1872. It refers to a promise by one party (the indemnifier) to save the other party (the indemnity-holder) from losses caused by the condu…
38 min read
Practice MCQs
2 practice questions test this section.
- 1 A customer owes his bank money on an overdraft. Over which of the following can the bank exercise its banker's general lien until the overdraft is cleared?
- 2 A firm deposited fixed deposit receipts with a bank to support a bank guarantee. The covering letters said the deposits would remain with the bank so long as any amount on any account was due, but the receipts were marke...
Official text
We show statutory text only after checking it word for word against the official source. Read Section 171 of the Indian Contract Act, 1872 on India Code.
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