Question 5 (a) part ii
Contract of guarantee and contract of indemnity
4 marks
- Time to write
- About 8 minutes
From an older CBCS paper
Question
Question 5 (a) part ii · 4 marksOf the following, write the difference between any two
- A Contract of guarantee and a contract of indemnity
Reworded from the university paper; the task is the same. The original paper belongs to the University of Delhi. See DU's question bank.
Before you write
Read off the question and its marks
Read from the question
- any twoThe paper asks for any 2, and this is one of them. Only 2 are marked: a third earns nothing.
- difference betweenSet the differences out in a table, basis by basis, not as two separate essays.
What the paper leaves open
The paper asks for any two of the three pairs, 8 marks in all; each pair is a part of 4 marks here (inferred).
Write it in this order
- Read; underline the asks; jot your points 1 min
- 1 (ii) Contract of guarantee and contract of indemnity 4 marks 7 min
Try it first. About 8 minutes for 4 marks. Write it out, then open the solution.
Solution
Hover or tap a marked figure, like 72,000, to see how it is made and where else it appears.
(ii) Contract of guarantee and contract of indemnity:
| Basis | Indemnity | Guarantee |
|---|---|---|
| Parties | Two: indemnifier and indemnified | Three: creditor, principal debtor and surety |
| Liability | Primary and unconditional | Secondary and conditional on default |
| Time of liability | On the happening of a contingency | On non-performance of an existing promise or debt |
| Request | The indemnifier need not act at the indemnified's request | The surety acts at the principal debtor's request |
Where the 4 marks sit
| # | Component | Marks |
|---|---|---|
| 1 | (ii) Contract of guarantee and contract of indemnity | 4 |
| Total | 4 |
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