Law · Contract Act

Which of the following statements accurately describes the differences between a contract of indemnity and a contract of guarantee under the Indian Contract Act? A. In a contract of indemnity, there are two parties, whereas in a contract of guarantee, there are three parties. B. The liability in an indemnity contract is primary and independent, whereas in a guarantee contract, the surety's liability is secondary and collateral. C. In a contract of indemnity, the indemnifier acts at the request of the debtor, whereas in a guarantee, the surety acts independently. D. A contract of indemnity involves only one contract, while a contract of guarantee involves three distinct contracts.