32.
The answer is: A
Explanation
The correct option is A: Section 124 of the Indian Contract Act. According to Section 124 of the Indian Contract Act, 1872, a contract of indemnity is 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. The objective of such a contract is to protect the promisee against unanticipated losses.
The other options are incorrect because:
- Section 67 of the Indian Contract Act deals with the liability of a joint promisor in the absence of an express agreement to the contrary.
- Section 127 of the Indian Contract Act defines a contract of guarantee as a contract to perform the promise, or discharge the liability, of a third person in case of his default.
- Section 128 of the Indian Contract Act states that the liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract.