Which of the following statements is/are true?

(i) There are three parties to a contract of indemnity, the indemnifier, the indemnity holder and the person on whose behalf the indemnity is given. (ii) Indemnifier’s liability occurs only if the indemnity holder suffers loss. (iii) Contract of Indemnity can not have all the essentials of a valid contract. (iv) Indemnity can be treated as a sub-species of compensation

(i) is false. There are two parties to a contract of indemnity, Indemnifier and Indemnity holder. (ii) is true. Loss to the indemnity holder is essential, otherwise, the indemnifier cannot be held liable. (iii) is not true. Contract of Indemnity should have all the essentials of a valid contract like free consent, legality of object, etc. Consideration in this case can be anything done, or any promise made which serves as motivation behind the contract. (iv) is true. Indemnity can be treated as a sub-species of compensation and a Contract of Indemnity is a species of contracts