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Commodatum is a one type of Bailment in which ______
- a)no consideration is charged
- b)consideration is charged
- c)reimburse severance of expenses is include behind the assets
- d)none of these
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Commodatum is a one type of Bailment in which ______a)no consideration...
Commodatum Bailment:
- Definition: Commodatum is a type of bailment where the bailor lends a specific item to the bailee for a particular purpose without any charge or consideration.
- No Consideration: In a commodatum, no payment or consideration is involved in the lending of the item. It is a gratuitous bailment where the bailor lends the item out of goodwill or friendship.
- Ownership: Despite lending the item, the ownership of the item remains with the bailor. The bailee is only responsible for taking care of the item and returning it in the same condition.
- Return of Item: The bailee must return the item to the bailor once the purpose of the bailment is fulfilled or the agreed-upon time period expires.
- Liability: The bailee is liable for any damage caused to the item due to negligence or misuse while it is in their possession.
In conclusion, Commodatum is a bailment where an item is lent without any charge or consideration, and the bailee is responsible for taking care of the item and returning it to the bailor. This type of bailment is based on trust and goodwill between the parties involved.
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Commodatum is a one type of Bailment in which ______a)no consideration...
Commodatum - a type of Bailment
Benefits of Commodatum:
Benefits of Commodatum:
Definition:
Commodatum is a type of Bailment in which no consideration is charged. It is a voluntary transfer of possession of goods temporarily for a specific purpose without any compensation.
Key Features:
- No consideration is charged: Unlike other types of bailment, in commodatum, the bailee does not pay any fee or consideration for the temporary use of the goods.
- Temporary transfer: The transfer of possession is temporary and for a specific purpose. The goods must be returned to the bailor once the purpose is fulfilled.
- Specific purpose: The goods are transferred for a particular use or purpose agreed upon by both the bailor and bailee.
Example:
An example of commodatum is when a friend borrows your car for a weekend trip. No payment is made for the use of the car, and it is returned once the trip is over.
Legal Implications:
Since no consideration is involved in commodatum, the bailee is generally only responsible for taking care of the goods and returning them in the same condition. If the goods are damaged due to the bailee's negligence, they may be held liable for the loss.
In conclusion, commodatum is a type of bailment where no consideration is charged for the temporary transfer of goods for a specific purpose. It is important for both parties to clearly understand their rights and responsibilities to avoid any disputes.
Benefits of Commodatum:
Benefits of Commodatum:
Definition:
Commodatum is a type of Bailment in which no consideration is charged. It is a voluntary transfer of possession of goods temporarily for a specific purpose without any compensation.
Key Features:
- No consideration is charged: Unlike other types of bailment, in commodatum, the bailee does not pay any fee or consideration for the temporary use of the goods.
- Temporary transfer: The transfer of possession is temporary and for a specific purpose. The goods must be returned to the bailor once the purpose is fulfilled.
- Specific purpose: The goods are transferred for a particular use or purpose agreed upon by both the bailor and bailee.
Example:
An example of commodatum is when a friend borrows your car for a weekend trip. No payment is made for the use of the car, and it is returned once the trip is over.
Legal Implications:
Since no consideration is involved in commodatum, the bailee is generally only responsible for taking care of the goods and returning them in the same condition. If the goods are damaged due to the bailee's negligence, they may be held liable for the loss.
In conclusion, commodatum is a type of bailment where no consideration is charged for the temporary transfer of goods for a specific purpose. It is important for both parties to clearly understand their rights and responsibilities to avoid any disputes.
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Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer?
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Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer?.
Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Commodatum is a one type of Bailment in which ______a)no consideration is chargedb)consideration is chargedc)reimburse severance of expenses is include behind the assetsd)none of theseCorrect answer is option 'A'. Can you explain this answer?.
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