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Abstract

I. Introduction

II. The Indemnity Contract … A. Statute of Frauds … B. Capacity to Execute an Indemnity Contract … 1. Corporations … a. Express corporate authority … b. Implied authority … c. Statutes abolishing the defense of ultra vires … 2. Agents … a. Corporate agent’s authority … b. Ratification … c. Other agents … d. Suggested procedure … 3. Capacity of persons other than corporate agents and partners … C. Consideration … D. Construction of the Indemnity Contract … E. Public Policy

III. The Indemnitor’s Liability … A. Extent of Liability … 1. Judgment against surety as conclusive evidence of amount … 2. Whether contract is a continuing one? … 3. Surety’s duty to minimize indemnitor’s damages … 4. Surety’s right to settle claims … 5. Indemnitor’s liability for attorney fees and costs … B. Accrual of Liability … 1. Indemnity against liability … 2. Indemnity against loss or damage

IV. Discharge of the Indemnitor … A. Extension of Time … B. Modification of the Principal Debtor’s Contract … C. Surety’s Failure to Proceed against the Principal Debtor

V. Conclusion

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