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Contract of Indemnity: Definition, Essentials & Case Laws (Indian Contract Act, 1872)

ByPorul

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…

Infographic: 6 essentials of valid contracts under Indian law - 1) Offer & acceptance 2) Lawful consideration 3) Competent parties 4) Free consent 5) Lawful object 6) Possible performance - All elements required for legal enforceability.
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Essentials of Formation of Contract

ByPorul

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…