Lesson 1, Topic 1
In Progress

11.1 Essential features of indemnity

Indemnity is a legal agreement where one party (the indemnitor) promises to compensate another party (the indemnitee) for any losses, damages, costs, or liabilities incurred as a result of specified events or circumstances.

These are the essentials of indemnity which are given below:

  1. Parties to a contract
  2. Protection of loss
  3. Express or implied
  4. Essentials of a valid contract
  5. Number of contracts

 

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