📚 DEFINE: CONTRACT OF INDEMNITY (Section 124, Indian Contract Act, 1872) A contract of indemnity is a legal promise where one party (indemnifier) agrees to compensate the other (indemnity holder) for any loss caused by the conduct of the promisor or any other person. 🔹 Legal Foundation: Agreement + Legal Enforceability = Valid Contract (Sec. 2(h), ICA) 🔹 Key Concept: Protection against loss 🔹 Cause of Loss: ✔️ Conduct of the Promisor ✔️ Conduct of Any Other Person 🔹 Nature: Express (clearly stated) & Implied (by circumstances) 🔹 Essential Elements: 1️⃣ There must be a loss. 2️⃣ Loss must be caused by the promisor or a third party. 3️⃣ Indemnifier is liable only for the loss covered 💡 Simplified legal concepts for LLB students & law aspirants. Strengthen your contract law basics with easy visual learning! 🎓 Namma Kanoonu – Legal Education for All 📞 For All LLB Classes & Notes: 9591573526 / 9972799641 hashtag#NammaKanoonu hashtag#LegalEducation hashtag#LawStudents hashtag#LawLife hashtag#FutureLawyers hashtag#LegalAwareness hashtag#AcademyOfLeaders hashtag#JusticeForAll hashtag#IndianLaw hashtag#LegalStudies hashtag#LawAspirants hashtag#EducationForAll hashtag#LegalTraining hashtag#SuccessInLaw hashtag#LawCommunity hashtag#AdvocateLife hashtag#LegalLearning hashtag#LawMotivation hashtag#StudyLaw hashtag#LegalCareer hashtag#EmpowerThroughEducation hashtag#LawSchoolLife hashtag#LearnLeadSucceed hashtag#NammaKanoonu hashtag#Trendingshorts hashtag#Viralvedio hashtag#Movies hashtag#Advocate hashtag#Motivational hashtag#Comedy hashtag#Lawclassinkannada hashtag#SBNlawkannada hashtag#Kitadikiran hashtag#Onekannadachannel hashtag#ಕಾನೂನುಮತ್ತುಜೀವನ hashtag#Kslutarget hashtag#LnCPro hashtag#VPK hashtag#Advocatemanjunath hashtag#AnilkumarKTA hashtag#udaysinghlegal hashtag#Abijinalawseries hashtag#AdvocateABkadapatti hashtag#Learnlawinkannada hashtag#instantlaw hashtag#Ganesh hashtag#Advocateswathi hashtag#AbhijnaLawSeries hashtag#PriyaJain, hashtag#STUDYIQ, hashtag#STUDYIQJudiciary, hashtag#LearnwithFinology, hashtag#mutualconscentdivorceinkannada, hashtag#Properupdates, hashtag#Propertyregistrationinkannada, hashtag#documentsscrutiny, hashtag#Legalopinion #law #education