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Distinguish between Contract of Indemnity and Contract of
guarantee.
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Answer Posted / puja
CONTRACT OF INDEMNITY
1 There are two parties
to the contract viz.
the indemnifier and the
indemnified
2 The liability of the
indemnifier to the
indemnifed is primary
CONTRACT OF GUARANTEE
1 There are three parties
to the contract viz. the
creditor, the principal
debtor and the surety.
2 The liability of the
surety to the creditor
is collateral or secondary
the primary liability being
that of the principal debtor
| Is This Answer Correct ? | 165 Yes | 20 No |
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