What is a Contract of Indemnity? Essentials of Valid Contracts of Indemnity Rights of the Indemnity Holder Rights of the Indemnifier Commencement of the Indemnifier’s Liability What is a Contract of Guarantee? Essentials of Contract of Guarantee Distinction between Contracts of Indemnity & Contracts of Guarantee Check your Progress Kinds of Guarantee Revocation of Continuing Guarantee Rights of Surety Rights Against the Creditor Rights Against Co-sureties Surety’s Liabilities Discharge of Surety Revocation of Contract by Surety By Act or Conduct of Creditor By Invalidation of the Contract of Guarantee