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The delivery of goods by one person to another for some purpose upon a contract that they shall when the purpose is accomplished be returned or otherwise dispose of upon discretion of the delivering person the contract is called
- a)Indemnity
- b)Bailment
- c)Contingent Contract
- d)None of above
Correct answer is option 'B'. Can you explain this answer?
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The delivery of goods by one person to another for some purpose upon a...
Definition of Bailment:
- Bailment is a legal relationship in which physical possession of personal property is transferred from one person to another for a specific purpose.
- The person delivering the goods is known as the bailor, while the person receiving the goods is known as the bailee.
- The bailment contract specifies that the goods will be returned to the bailor once the purpose of the bailment is fulfilled.
Characteristics of Bailment:
- There must be a transfer of possession of goods from one party to another.
- The goods must be returned or disposed of as per the terms of the contract.
- The bailee has the duty to take reasonable care of the goods while they are in their possession.
Types of Bailment:
- Gratuitous Bailment: When there is no consideration involved in the bailment.
- Non-Gratuitous Bailment: When the bailment is for a fee or other consideration.
- Bailment for the benefit of the bailor: When the bailment is made for the benefit of the bailor.
- Bailment for the benefit of the bailee: When the bailment is made for the benefit of the bailee.
Conclusion:
- Bailment is a legal concept that governs the temporary transfer of possession of goods from one party to another for a specific purpose.
- It is important to understand the rights and responsibilities of both the bailor and the bailee in a bailment contract to avoid any disputes or misunderstandings.
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The delivery of goods by one person to another for some purpose upon a contract that they shall when the purpose is accomplished be returned or otherwise dispose of upon discretion of the delivering person the contract is calleda)Indemnityb)Bailmentc)Contingent Contractd)None of aboveCorrect answer is option 'B'. Can you explain this answer?
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