Contracts & Commercial Law
Indian Contract Act, 1872 - specific contracts: indemnity, guarantee, bailment, pledge and agency.
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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
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
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Key Point: An indemnity holder can claim indemnity without waiting for actual loss if their liability is absolute. What Happened:
24 min read
Judgments explained
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Court of Common Pleas · 1827
In Adamson v. Jarvis, the Court of Common Pleas (Chief Justice Best, 1827) held that an auctioneer who honestly sold goods at another person's request, and was later made liable to the true owner, could recover his loss from the person who asked him to sell. The case matters because it shows that an indemnity may be implied by law from a request, even when no express promise to indemnify was made.
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