Distinguish between Contract of Indemnity and Contract of
guarantee.
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Answer Posted / sumit saurav
Indemnity means a promise to save a person harmless from the consequences of an act or to compensate. According Section 124 of the Indian Contract Act, 1872 contract of Indemnity state that the contract by which one party agree to save the other from the loss caused by him by the conduct of promissor himself. It is a bilateral contract whereas
Guarantee section 126 of the Indian Contract Act, 1872 state the contract of guarantee mean a contract to perform the promise or discharge.these are concurrence of three contracts.
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