Law · Commercial Law
Consider the following statements regarding Contract of Indemnity under Indian Law: Statement I: An implied contract of indemnity arises when a person performs an act at the request of another, and that act, though not apparently tortious, injures the rights of a third person. Statement II: According to the Indian Contract Act, all contracts of insurance, including Life Insurance, are strictly defined as contracts of indemnity under Section 124. Statement III: The right of an indemnity holder to recover costs under Section 125 is absolute and does not depend on whether the holder acted prudently. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and II
- 4Only I✓
Correct answer
Only I
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