Consider the following statements regarding contracts of indemnity and guarantee: A. In a contract of indemnity, the indemnifier promises to compensate the indemnity holder for any loss. B. A contract of guarantee involves three parties: principal debtor, creditor, and surety. C. A contract of indemnity requires consideration only if it is express. Which of the statements given above is/are correct?

An exporter, Global-Tech, asks their bank to issue a 'Letter of Indemnity' to a shipping company to release a cargo of electronics. The bank does so after taking a counter-indemnity from Global-Tech. The cargo is released, but the goods turn out to be counterfeit. The buyer sues the shipping company, and the shipping company invokes the bank's indemnity. Can Global-Tech refuse to reimburse the bank by claiming they lacked knowledge of the fraud?

Under Section 7 of the Indian Contract Act, 1872, in order to convert a proposal into a promise, the acceptance must be absolute and ____________.