What is a Contract of Indemnity? A Contract of Indemnity is a legal agreement where one party (the indemnifier) promises to compensate another party (the indemnity holder) for losses caused by: Ex: A car owner (indemnifier) agrees to cover repair costs if their friend (indemnity holder) damages the vehicle in an accident. Legal Definition Under Indian Contract Act Section…
PART III FUNDAMENTAL RIGHTS General 12. Definition.—In this Part, unless the context otherwise requires, “the State” includes the Government and Parliament of India and the Government and the Legislature of each of the States and all local or other authorities within the territory of India or under the control of the Government of India. 13….
The Two Pillars of Every Contract: Agreement & Enforceability Every valid contract rests on two fundamental components: What is a Contract? A contract is a legally binding agreement between two or more parties that creates enforceable rights and obligations. Let’s break these down in plain terms. 1. Agreement: The Meeting of Minds An agreement happens when: This mutual…
A contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. In simple terms, it is “a set of promises (written or oral) that the law recognizes and enforces.” Examples of Contracts in Daily Life Legal Definition of a Contract According to Section 2(h) of the Indian Contract Act, 1872, a…