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Special Contracts
 

Special Contracts

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    Special Contracts Special Contracts Presentation Transcript

    • Special Contracts Indemnity & Guarantee Bailment & Pledge Agency Sec - 124 Sec - 148 Sec - 182
    • Indemnity & Guarantee
      • Indemnity Sec - 124
      • One person
      • Makes a Promise
      • To another person
      • To save from loss
      • By doing something
      • E.G. Insurance Agreement
    • Parties of indemnity Indemnifier: Person giving promise Indemnified: Person receiving promise Nature of Indemnity It is a type of contingent contract. Right of Indemnity holder Sec - 125 Indemnity Holder Is Entitled To Recover : All damages All sums paid as compromise to such suit.
      • Guarantee
      • Sec - 126
      • One person
      • Makes a Promise
      • To another person
      • To pay some money
      • If some other person
      • Makes default in payment of money
      • Payable by him
      • E.G. Surety in loan agreements
    • Types Of Guarantee
      • Specific
      • Guarantee: For a single transaction.
      • Continuing
      • Guarantee: For many transactions
      • It may be for a fixed time
      • It may be revoked
      • After revocation it will not apply to future transactions
      • It remains applicable for past transactions
    • Parties The person to whom guarantee is given sec - 126 Creditor person for whose default guarantee is given sec 126 . Debtor “ is person who gives the guarantee” [section 126] . Surety
    • Rights Of Sureties Against Debtor Subrogation – sec 140 Indemnity – sec 145. Against creditor Claim security Setoff Against co-sureties Equal contribution Sec 146
      • Discharge of Surety
      • Revocation -- notice to the creditor Sec -130
      • Specific guarantee cannot be revoked.
      • Continuing guarantee -- revoked by death of surety, sec 131
      • Substituting new contract Sec 62.
      • Conduct of the creditor
      • Variation -- without the surety’s consent Sec 133.
      • Creditor makes a composition with debtor Sec 135.
      • Creditors losses security given to him. Sec 141.
      • By invalidation of contract of guarantee Sec 142.
    • Bailment
      • Bailment is
      • Delivery of goods
      • By one person to another
      • For some purpose ,
      • They shall be returned
      • According to the directions of the person delivering them
      MEANING : Sec 148
    • Same goods to be returned but form of goods may be changed. E.g. when cloth is stitched by tailor. Characteristics of bailment Person delivering goods is called the “ bailor ” Person to whom they are delivered is called the “ bailee ”. Sec 148 Parties
    • Placing an ornament in a bank locker is not bailment. Deposit of money in a bank is not bailment. Examples :