CA Foundation Exam > CA Foundation Questions > In the contract of bailment the person delive...
Start Learning for Free
In the contract of bailment the person delivering the goods is called ________
- a)bailor
- b)bailee
- c)seller
- d)agent
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
In the contract of bailment the person delivering the goods is called ...
Explanation:
Bailor:
- In the contract of bailment, the person delivering the goods is known as the bailor.
- The bailor is the person who gives possession of the goods to another person, known as the bailee, for a specific purpose.
Bailee:
- The bailee is the person who receives the goods from the bailor and holds them in trust for the bailor.
- The bailee is responsible for taking care of the goods and returning them in the same condition as they were received.
Responsibilities:
- The bailor retains ownership of the goods while they are in the possession of the bailee.
- The bailee must use the goods only for the purpose specified in the contract of bailment and return them to the bailor once the purpose is fulfilled.
Types of Bailment:
- There are different types of bailment, such as bailment for the sole benefit of the bailor, bailment for the sole benefit of the bailee, and bailment for the mutual benefit of both parties.
Legal Relationship:
- The contract of bailment creates a legal relationship between the bailor and the bailee, outlining their respective rights and obligations.
- It is essential for both parties to clearly define the terms of the bailment to avoid any disputes or misunderstandings in the future.
Bailor:
- In the contract of bailment, the person delivering the goods is known as the bailor.
- The bailor is the person who gives possession of the goods to another person, known as the bailee, for a specific purpose.
Bailee:
- The bailee is the person who receives the goods from the bailor and holds them in trust for the bailor.
- The bailee is responsible for taking care of the goods and returning them in the same condition as they were received.
Responsibilities:
- The bailor retains ownership of the goods while they are in the possession of the bailee.
- The bailee must use the goods only for the purpose specified in the contract of bailment and return them to the bailor once the purpose is fulfilled.
Types of Bailment:
- There are different types of bailment, such as bailment for the sole benefit of the bailor, bailment for the sole benefit of the bailee, and bailment for the mutual benefit of both parties.
Legal Relationship:
- The contract of bailment creates a legal relationship between the bailor and the bailee, outlining their respective rights and obligations.
- It is essential for both parties to clearly define the terms of the bailment to avoid any disputes or misunderstandings in the future.
Free Test
FREE
| Start Free Test |
Community Answer
In the contract of bailment the person delivering the goods is called ...
Explanation:
- Bailor: The person delivering the goods in a contract of bailment is called the bailor. The bailor entrusts the goods to another party, known as the bailee, for a specific purpose and for a specified period.
- Bailee: The bailee is the party receiving the goods in a bailment agreement. The bailee is responsible for taking care of the goods and returning them to the bailor in the same condition as received.
- Seller: A seller is a party involved in the sale of goods. In a bailment agreement, the bailor is not necessarily selling the goods but is temporarily entrusting them to the bailee.
- Agent: An agent is a person authorized to act on behalf of another party. In a bailment agreement, the bailor and bailee are the direct parties involved, and there is no mention of an agent unless specifically designated by either party.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer?
Question Description
In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer?.
In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer?.
Solutions for In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice In the contract of bailment the person delivering the goods is called ________a)bailorb)baileec)sellerd)agentCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup