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The contract of indemnity is a _____________
Contingent contract
Wagering contract
Quasi-contract
Void agreement
- Contingent contract:
- These contracts rely on the occurrence or non-occurrence of an event.
- Contracts of indemnity are contingent since they depend on a loss being suffered.
- Your answer is right.
- Wagering contract:
- Based purely on chance, with mutual chances of gain or loss for parties.
- Different from indemnity, which protects against genuine potential loss.
- Quasi-contract:
- Not true contracts but imposed by law.
- Ensure fairness and prevent unjust enrichment without mutual consent.
- Void agreement:
- Not enforceable by law.
- Lacks essential elements of a valid contract, unlike a contract of indemnity which is enforceable.
By: santosh ProfileResourcesReport error
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