Business Law Unit 3 | Indemnity, Guarantee & Bailment Part 1 | BCom Hons Semester 1 DU | DU SOL

Welcome to this detailed lecture on Business Law Unit 3: Indemnity, Guarantee, and Bailment (Part 1) — specially designed for BCom (Hons.) Semester 1 students of Delhi University, DU SOL, and NCWEB under the Indian Contract Act, 1872.
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This lecture explains the core concepts of special contracts — Indemnity, Guarantee, and Bailment — which form the backbone of Unit 3 of the Business Law syllabus. These contracts are essential for understanding how legal relationships operate in business, banking, and insurance.

Whether you are a DU regular, DU SOL, or NCWEB student, this lecture will help you grasp theoretical concepts, understand practical examples, and prepare for semester exams effectively.

🔑 Topics Covered in This Lecture (Part 1):
1️⃣ Introduction to Special Contracts under the Indian Contract Act, 1872

Meaning and importance of special contracts

Legal provisions under Sections 124 to 147 (Indemnity & Guarantee) and Sections 148 to 181 (Bailment & Pledge)

2️⃣ Contract of Indemnity

Definition (Section 124)

Essential features of a contract of indemnity

Rights of the indemnity holder

Duties and liabilities of the indemnifier

Examples and case laws related to indemnity contracts

3️⃣ Contract of Guarantee (Introduction – Covered in Part 1)

Definition (Section 126) and nature of guarantee

Parties to a contract of guarantee — creditor, principal debtor, and surety

Essentials of a valid guarantee

Difference between contract of indemnity and contract of guarantee

Examples and legal implications

4️⃣ Contract of Bailment (Basic Overview – To Be Continued in Part 2)

Definition (Section 148)

Essentials of bailment

Duties of bailor and bailee

Rights of bailor and bailee

Real-life examples (e.g., lending goods, storage, courier services)

📚 Why Watch This Video?

Covers Business Law Unit 3 (Part 1) in complete detail

Based on BCom Hons Semester 1 DU, DU SOL, and NCWEB syllabus

Simplified explanation with examples, case laws, and comparisons

Helpful for semester exams, assignments, and practical understanding

Ideal for DU SOL students following the Indian Contract Act (1872)

🎓 Useful For:

BCom (Hons.) Semester 1 Students – Delhi University, DU SOL, NCWEB

Business Law / Indian Contract Act preparation

Commerce and Law aspirants preparing for university or competitive exams

Students who want clarity on special contracts: Indemnity, Guarantee & Bailment


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