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When goods are lent to a person to be used by him on free of cost. That is ______ contract.
- a)comodatum
- b)pawn
- c)hire
- d)gift
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
When goods are lent to a person to be used by him on free of cost. Tha...
The meaning of COMMODATUM is a gratuitous loan of movable property to be used and returned by the borrower.
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When goods are lent to a person to be used by him on free of cost. Tha...
Understanding the Contract of Commodatum
When goods are lent to a person for use without any charge, it is classified as a commodatum. This type of contract involves specific characteristics that set it apart from other agreements.
Key Characteristics of Commodatum:
Comparison with Other Contracts:
Conclusion:
The contract of commodatum serves a valuable purpose in allowing individuals to borrow goods for specific uses without incurring costs. Understanding its characteristics helps differentiate it from other types of contracts in legal terms.
When goods are lent to a person for use without any charge, it is classified as a commodatum. This type of contract involves specific characteristics that set it apart from other agreements.
Key Characteristics of Commodatum:
- Free of Cost: The borrower uses the goods without any rental fees or charges.
- Temporary Use: The goods are provided for a limited period, after which they must be returned.
- Purpose of Use: The goods should be used for a specific purpose as agreed upon by both parties.
- Responsibility for Care: The borrower must take good care of the goods and is responsible for any damage caused by negligence.
Comparison with Other Contracts:
- Pawn: Involves a loan secured by an asset, where the lender holds the asset until the loan is repaid.
- Hire: Involves payment for the use of goods, contrasting with the free nature of commodatum.
- Gift: Involves an unconditional transfer of ownership without expecting anything in return, unlike commodatum which requires the return of goods.
Conclusion:
The contract of commodatum serves a valuable purpose in allowing individuals to borrow goods for specific uses without incurring costs. Understanding its characteristics helps differentiate it from other types of contracts in legal terms.
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When goods are lent to a person to be used by him on free of cost. That is ______ contract.a)comodatumb)pawnc)hired)giftCorrect answer is option 'A'. Can you explain this answer?
Question Description
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