11 December 2015
A "contingent contract" is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. Illustration. A contracts to pay to B Rs. 10,000 if B's house is burnt.
11 December 2015
Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages. The concept of indemnity is based on a contractual agreement made between two parties, in which one party agrees to pay for potential losses or damages caused by the other party.
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