The contract of indemnity is valid under which of the following conditions? 1. there is a promise 2. to save another person from loss or make good the loss 3. which may be caused by the conduct of the promisor himself or by the conduct of any other person 4. the promisor undertakes to make good the loss 5. it covers indemnity for loss caused by human only

April 15, 2024 by rawan239

id="more-35134">

The correct answer is D. 1, 2, 3, 4 and 5.

A contract of indemnity is a contract in which one party agrees to reimburse another party for losses that they may incur as a result of the promisor’s actions. The contract must meet all of the following conditions in order to be valid:

1. There must be a promise. The promisor must agree to reimburse the promisee for their losses.
2. The promise must be to save another person from loss or make good the loss. The promisor must agree to reimburse the promisee for losses that they may incur, not just losses that they have already incurred.
3. The loss must be caused by the conduct of the promisor himself or by the conduct of any other person. The promisor must be responsible for the loss in order to be liable to reimburse the promisee.
4. The promisor undertakes to make good the loss. The promisor must agree to reimburse the promisee for their losses.
5. It covers indemnity for loss caused by human only. The contract must cover losses that are caused by human actions, not just losses that are caused by natural disasters or other events beyond human control.

Option A is incorrect because it does not include condition 1. Option B is incorrect because it does not include condition 2. Option C is incorrect because it does not include condition 4.