Bailment & Characteristics | Indian Contract Act | Law | BRF | BCom | ICAI скачать в хорошем качестве

Bailment & Characteristics | Indian Contract Act | Law | BRF | BCom | ICAI

Bailment: Delivery of goods by one person to another for some purpose upon a contract with the condition that when the purpose is accomplished, goods must be returned or otherwise disposed of according to the directions of the person delivering them (sec 148) The person delivering the goods is called the "bailor" and the person to whom they are delivered is called the "bailee". Characteristics of Bailment: (1) Contract : A bailment is usually created by an agreement between the bailor & bailee. Agreement may be express or implied. In certain exceptional cases, bailment is implied by law or between a finder of goods & the owner. (2) Delivery of Possession : A bailment necessarily involves delivery of possession of goods by the bailor to the bailee. The basic features of possession are control and an intention to exclude others. As such, mere custody of goods does not create relationship of bailor & bailee. No ownership is transferred. (3) For Some Purpose : The delivery of goods from bailor to bailee must be for some purpose. If goods are delivered by mistake to a person, there is no bailment. (4) Return of Specific Goods : It is agreed between the bailor & the bailee that as soon as the purpose is achieved, the goods shall be returned or disposed of according to the directions of the bailor. If the goods are not to be specifically returned, there is no bailment. (5) Bailment is Concerned Only with Goods : Thus, if the property in goods is transferred for money consideration, it is a sale & not a bailment. If money is deposited in a banking a/c., the relationship of debtor & creditor is created, hence no bailment. But some ornaments & Jewellery put in a safe deposit vault, it is a bailment as the property in goods is ornaments & jewellery. (6) Bailment is for a Fixed Period: A bailment is always for a certain period. e.g., A watch or computer to be repaired within a reasonable time. #bailment #bailor #bailee #indiancontractact1872 #indiancontractact #himanshunandwani #learnwithhimanshunandwani #vnsgu #bcomhonours #bcomsem6 #icai #icai_students_group #bcomsem5 #law #brf #businessregulatoryframeworks