anand law classes

  Q. 8 Define and  Distinguish between the contract for indemnity and guarantee. What are the differences between Indian and English law? (b) How far do you agree with the maxim of law that you must be damnified before you can claim to be indemnified? Refer to relevant judicial pronouncements. (c) "The Liability of a surety is co-extensive with that of the principal debtor". Discuss. (d) What are the Rights of sureties.     Ans . In simple words Indemnity" means protection to a person from loss. It contemplates a promise from one person to another that in the eventuality of any loss to the latter either because of the promisor himself or the third person, the promisor will compensate for such loss. According to Section 124 of the Indian Contract Act   "A contract of indemnity means 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."  

      Q. 29. What is meant by partition under Mitakshara law? How is it affected? Can a partition be re-opened?   Ans. Mitakshara Law of Partition.-According to the Mitakshara, no individual member in the coparcenary property has any specific share in the property so long as the family is joint. The coparcenary property is owned and possessed by the whole body of coparceners. Each coparcener is the owner of the whole coparcenary property and each part thereof without excluding the ownership of others. If, anyhow, the specific share of an individual member is ascertained then it takes away from it the character of being joint and undivided. Hence Mitakshara defines partition as :   "The partition is the ascertainment of individual shares in the aggregate wealth where there are many owners."   The Privy Council in Approvier v. Rama Subba, (1866) 11 MIA 75 held that under Mitakshara law actual partition by metes and bounds is not necessary for completion of di