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Bailment
 

Bailment

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    Bailment Bailment Presentation Transcript

    • Bailment & pledge Section 148 of indian contract act 1872 Delivery of goods by 1 person to another for some purpose Contract to return after use or to dispose as asked by the person who delivered the goods Bailor: who gives Bailee : who takes Bailment: transaction
    • Examples Hiring a bicycle Giving cloth to a tailor Delivering watch for repair
    • Kinds of bailmentKinds of bailment Based on benefit:Bailment for the exclusive benefit of :1] bailor: leaving goods in safe custody without paying2] bailee :a loan of some article like a pen3] mutual benefit: contracts for hiring, repair ,etc
    • Kinds of bailment: Based on reward:1] Gratuitous bailment: neither bailor nor bailee isentitled for remuneration, example: lending a book to afriend2] Non-gratuitous bailment: bailment of reward: eitherbailee or bailor is entitled to a remuneration , example:hire, tailor, etc
    • Difference between sale &bailment Ownership transferred? Buyer under no obligation to return goods?
    • Duties of bailee: Take reasonable care of goods[S.151] Not to make unauthorized use of goods[S.154] Not to mix goods with his own goods[S.155-157] Duty to return goods[S.160&161] Not doing any act inconistent with terms of bailment[S.153] Returning any profit [S.163]
    • Rights of bailee Right to compensation for loss on account of fault in goods bailed[S.150] Right to receive necessary expenses[S.158] Right against premature termination of bailment[S.159] Right to compensation in case of defective title[S.164] Delivery of goods to one of the joint owners[S.165] Right against third parties
    • Duties of bailor To Disclose faults in goods bailed [S.150] To repay the necessary expenses [S.158] To indemnify the bailee [S.164] Liability on premature breach of bailment[S.159]
    • Rights of bailor Right of indemnity for losses due to negligence by bailee[S.152] Termination of bailment on inconsistent use by the bailee[S.153] Compensation for unauthorised use by the bailee[S.154] Compensation when the bailee mixes the goods bailed with own goods [S.155] Right of return of goods back[S.160] Right to profit from goods bailed[S.163]
    • Termination of bailment Doing an act inconsistent with terms of bailment[S.153] At desire of the bailor in case of gratuitous bailment[S.159] On expiry of period[S.160] On accomplishment of object[S.160] Death of the bailor or bailee [S.162]
    • PLEDGE OR PAWN : Bailment of goods as security for payment of debt or performance of a promise :PLEDGE Bailor: PAWNER Bailee: PAWNEE Example: A borrows Rs.100 from B & keeps his watch as security : pledge
    • Difference between bailment &pledge: PURPOSE: security? ; repairs? RIGHT OF SALE: sale on default? no right to sale? RIGHT OF USING THE GOODS: no right?
    • Rights of Pawnee: Right of retainer{S.173}: right to retain goods until dues paid Right of transfer for subsequent advances:{S.174}: on lending money to same debtor without further security right to retain earlier goods extends Right to extraordinary expenses {S.175} Right to use the pawner or sell the goods on default.
    • Rights of PawnerRights of Pawner:Enforcement of pawnee’s duties Defaulting pawnor’sright to redeem
    • ?
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