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Definition No. of Persons Essential of Bailment Types of Bailment Duties & Rights of Bailee & Bailor Termination of Bailment Finder of goods Duties & Rights of Finder of goods. Pledge Definition Duties & Rights of Pledgor & Pledgee Pledge by Non-owner Differences
Essentials of Bailment
Goods: Bailment can be effected only with respect to goods. Delivery: Delivery of goods by one person to another is essential.
Delivery includes: Physical delivery Constructive delivery Symbolic delivery
Cont
To be Returned: Without demand unless agreed otherwise. In Specie: The same goods are to be returned and not the equivalent. Including any accretion, e.g., calf
born to a cow.
Ownership: Only the possession of the movable goods is transferred and not the ownership.
Types of Bailment
Types of Bailment
Gratuitous Bailment
Non-Gratuitous Bailment
Termination of Bailment
On the expiry of the stipulated period. On the accomplishment of the specified purpose. By bailee s act inconsistent with conditions of bailment. A gratuitous bailment may be terminated at any time.
Finder of Goods
Definition:
Finder of goods is a special case of bailment. A finder of the goods is a person who finds the goods belonging to some other person and keeps them under his protection till the actual owner of the goods is found. Here there is an unintended formation of the contract. The finder of the goods automatically becomes bailee even when there is no bailment from the bailor.
Pledge \ Pawn
Definition:
Any contract where the goods are given by person to another only for the purpose of serving as security against some payment to be made is known as Contract of Pledge .
Cont
The pledgor has a right to claim any accruals to the goods pledged. If any loss is caused to the goods because of mishandling or negligence on the part of the pledgee, the pledgor has a right to claim the same.
Pledge by Non-Owners
Mercantile agents Person in possession under a voidable contract. Pledgor having limited interest. Seller in possession of goods after sale. Buyer in possession of goods under an agreement to sell Co-owner in possession.
Pledge
Here, goods are surrendered as a security for the loan taken or for performance of a promise. Here, the goods are to be returned only when pawnor returns money to the pawnee. Here, the goods are to be returned in the same form. The pawnee can sell goods after giving a due notice to the pawnor.
Sale
Ownership: Transferred. Return: Buyer is in no obligation to return the goods.
License
Delivery: Goods are not delivered to licenser. Permission: Permission is give to only one person for the use.
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