(1) This Part of this Act is subject to Part III of this Act and does not affect the validity of any discharge or indemnity given by a person in consideration of the receipt by him of compensation in settlement of any claim which he has.

(2) Subject to subsection (3) below, sections 16 to 17 of this Act apply to any contract only to the extent that the contract -

(a) relates to the transfer of the ownership or possession of goods from one person to another (with or without work having been done on them);

(b) constitutes a contract of service or apprenticeship;

(c) relates to services of whatever kind, including (without prejudice to the foregoing generality) carriage, deposit and pledge, care and custody, mandate, agency, loan and services relating to the use of land;

(d) relates to the liability of an occupier of land to persons entering upon or using that land;

(e) relates to a grant of any right or permission to enter upon or use land not amounting to an estate or interest in the land.

(3) Notwithstanding anything in subsection (2) above, sections 16 to 17-

(a) do not apply to any contract to the extent that the contract-

(i) is a contract of insurance (including a con-tract to pay an annuity on human life);