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Distinguish between Contract of Indemnity and Contract of
guarantee.
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Answer Posted / sudhi chauhan
1.In casevof a contract of gaurantee there are three parties,but in contract of indemnity there are two parties,one who is indemnified other the indemnifior
2.A contract of gaurantee presupposes the principal debtor,a contract of indemnity is an original and direct engagement and may be made independently without the existence of a third party
3.a contract of gaurantee exists for security of the creditor whereas contract of indemnity is brought about for the reimbursement of loss
4.a gaurantor's liability is secondary so if principal debtor is not liable , the surety will also be not liable.a contract of indemnity creates the primary liability for indemnifier.
5.request by third party is essential in contract of gaurantee ,but in case of a contract of indemnity request or knowledge is not necessary.
6.contract of gaurantee must be in writing but contract of indemnity may be in writing or oral.
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