3. Parties of indemnity Indemnifier: Person giving promise Indemnified: Person receiving promise Nature of Indemnity It is a type of contingent contract. Right of Indemnity holder Sec - 125 Indemnity Holder Is Entitled To Recover : All damages All sums paid as compromise to such suit.
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6. Parties The person to whom guarantee is given sec - 126 Creditor person for whose default guarantee is given sec 126 . Debtor “ is person who gives the guarantee” [section 126] . Surety
7. Rights Of Sureties Against Debtor Subrogation – sec 140 Indemnity – sec 145. Against creditor Claim security Setoff Against co-sureties Equal contribution Sec 146
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10. Same goods to be returned but form of goods may be changed. E.g. when cloth is stitched by tailor. Characteristics of bailment Person delivering goods is called the “ bailor ” Person to whom they are delivered is called the “ bailee ”. Sec 148 Parties
11. Placing an ornament in a bank locker is not bailment. Deposit of money in a bank is not bailment. Examples :
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