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Contract Law Notes

Contract Law

Meaning, Nature and Scope of Contract

Meaning of Contract Contract is a legally binding agreement between two or more parties, which creates mutual obligations enforceable by law. A contract can be...
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Contract Law

Concept of Indemnity and Guarantee

Indemnity and guarantee are both legal concepts that involve the assumption of liability for the actions or debts of another person. However, they differ...
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Contract Law

Definition, Scope and Feature of Contract of Indemnity

Definition of Contract of Indemnity A contract of indemnity is a legal agreement in which one party, known as the indemnifier, agrees to compensate another...
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Contract Law

Difference Between Indemnity and Guarantee

Indemnity and guarantee are two distinct legal concepts that are often used in contracts to allocate risk between parties. Although both terms are similar...
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Contract Law

Rights of an Indemnity Holder

An indemnity holder is the party who is entitled to receive compensation from the indemnifier in case of any loss, damage, or liability. The...
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Contract Law

Definition, Scope and Feature of Contract of Guarantee

Definition A contract of guarantee is a legal agreement in which one party, known as the guarantor, agrees to fulfill the obligations of another party,...
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Contract Law

Modes of Discharge of Surety

A surety is a person who guarantees the performance of a contractual obligation by another party. Once a surety has fulfilled their obligations, they...
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Contract Law

Rights of Surety

A surety is a person who agrees to be responsible for the debt or obligation of another person. When someone agrees to be a...
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Contract Law

Rights of Against the Creditor

When someone acts as a surety for a debt, they have certain rights against the creditor. These rights are designed to protect the surety...
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Contract Law

Definition and Scope of Agency

Definition Agency is a legal relationship in which one person, called the agent, is authorized to act on behalf of another person, called the principal....
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