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Indian Contract Act

LLB Varun

Section 121 of Indian Contract Act

    Right of seller as to rescission, on failure of buyer to pay price at time fixed. Rep. by the Indian Sale of Goods Act, 1930 (3 of 1930), s. 65.

    LLB Varun

    Section 124 of Indian Contract Act

      “Contract of indemnity” defined.— A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person,… 

      LLB Varun

      Section 125 of Indian Contract Act

        Rights of indemnity-holder when sued.— The promisee in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor— (1) all damages which he may be compelled to… 

        LLB Varun

        Section 126 of Indian Contract Act

          “Contract of guarantee”, “surety”, “principal debtor” and “creditor”.— A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who…