This document discusses bailment and pledge under Indian contract law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned after. The person delivering the goods is the bailor and the person receiving them is the bailee. Bailment can be gratuitous (without payment) or for a reward. A pledge is a type of bailment where goods are delivered as security for a debt. The document outlines the essential elements, types, duties of bailors/bailees, rights of bailors/bailees, and termination of bailment. It compares bailment to sale and bailment to pledge.
Definition of Consideration, When Consideration or object is unlawful, effects of illegality, Unlawful & illegal agreements.....
It's useful for law students.
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Namjive is a Arts & Culture Education Project which operates in Namaqualand in the Northern Cape Province on South African's West Coast. The programme has been active in this rural region since 1997. The Namjive programmes
specifically target marginalized, unemployed youth and Primary and Secondary school learners in this region. Namjive’s programmes involve young people in creative activities aimed at building character, self-esteem and communicative ability.
Namjive’s core business involves :
Teaching the Arts & Culture Curriculum to Grades 8 & 9, and Dance Studies, Drama, Design and Visual Art as matriculation subject to Grades 10 to 12.
Mentorship , training and development: A training programme involving unemployed and post matriculated youth in a bid to develop arts and culture practitioners which will serve this region.
Extramural classes in dance, drama, visual art and design.
Namjive established a unique performing and arts aesthetic based on the indigenous Nama-Khoi culture.
Namjive is a Section 21 Company, a Non-Profit, not for gain, to uplift the community through arts and culture.
Registration No. 2005/028769/08 091-540-NPO
BOARD OF DIRECTORS N. van Zyl J. Strauss L. Losper D. Langdown R. Peters
BUSINESS LAW- CONTRACT OF BAILMENT AND PLEDGETrinity Dwarka
BUSINESS LAW- CONTRACT OF BAILMENT AND PLEDGE
CONTRACT OF BAILMENT
bailment.
Kinds of bailment
Kinds of Bailment
BENEFIT Point of view
Bailment for exclusive benefit of the bailor
Bailment for exclusive benefit of the bailee
Bailment for the mutual benefit of the bailor and the bailee
REWARD Point of view
Gratuitous bailment
Non – Gratuitous bailment
Contract of agency
MODES OF CREATION OF AGENCY
Introduction
Definition of contract of sale
Essential elements of contract of sale
Formalities of contract of sale
Sale & Agreement to sell
Difference between sale & agreement to sale
Goods and their classification
Price
Condition & warranties
Unpaid seller
Rights of unpaid seller
under in this slides discuss performance of the contract and who can demand performance of contract .
under in this slide give a small knowledge about the performance of contract
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
2. • A delivers a piece of cloth to the tailor to be
stitched into a suit.
• A lends a book to B to be returned after
examination.
• A sells certain goods to B who leaves them in A ‘s
possession.
• An insurance company places a damaged insured
car of A in possession of R, a repairer .
• E’s ornaments having been stolen and recovered
lying in Police custody.
3. Bailment and Pledge
What is Bailment?
• Section 148 defines Bailment as:
“The delivery of goods by one to another
person for some purpose, upon a contract
that they shall, when the purpose is
accomplished, be returned or otherwise
disposed of according to the directions of
the person delivering them.” The person
delivering the goods is called the ‘Bailor’,
and the person to whom goods are
delivered is called the ‘Bailee’.
4. 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
5. Examples
• Hiring a bicycle
• Giving cloth to a tailor
• Delivering watch for repair
6. Essentials of Bailment
1. Goods: Bailment can be effected only with
respect to goods.
2. Delivery: Delivery of goods by one person to
another is essential.
– ‘Delivery’ includes:
– Physical delivery
– Constructive delivery
– Symbolic delivery
7. Essentials of Bailment
3. To be returned
– Without demand unless agreed otherwise.
4. In specie
– i.e., the same goods are to be returned and
not the equivalent.
– including any accretion, e.g., bonus shares,
calf born to a cow.
8. Kinds of bailment
Kinds of bailment Based on benefit:
Bailment for the exclusive benefit of :
1] bailor: leaving goods in safe custody without
paying
2] bailee :a loan of some article like a pen
3] mutual benefit: contracts for hiring, repair
,etc
9. Kinds of bailment:
• Based on reward:
1] Gratuitous bailment: neither bailor nor bailee
is entitled for remuneration, example: lending a
book to a friend
2] Non-gratuitous bailment: bailment of reward:
either bailee or bailor is entitled to a
remuneration , example: hire, tailor, etc
10. 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]
11. Duties of Bailor
1. To disclose faults in goods
– Only known faults where bailment is
gratuitous.
– All faults including not known but
existing at the time of bailment in case
of non-gratuitous bailment.
12. Duties of Bailor
2. To bear expenses
– Gratuitous Bailment: All expenses – ordinary
or extra-ordinary.
– Non-Gratuitous Bailment: Only extra-ordinary
expenses.
3. To indemnify for loss caused because of
defective title.
13. 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]
14. Duties of Bailee
1. To take care of the goods bailed
– As much care as a man of ordinary
prudence will take in respect of his
own goods of the same nature and
value.
2. Not to make unauthorized use of
goods
15. Duties of Bailee
3. Not to mix bailor’s goods with his
own/other bailor’s.
• If does, then:
– Where goods can be separated
• Bailee to bear cost of separation.
– Where goods can not be separated
• Bailor to be compensated for loss.
4. To return the goods in specie
16. Difference between sale & bailment
• Ownership transferred?
• Buyer under no obligation to return goods?
17. 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
18. 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]
19. 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]
20. • Section 172
“Pledge is the bailment of
goods as security for
payment of debt or
performance of a
promise.”
21. 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
22. Difference between bailment &
pledge:
• PURPOSE: security? ; repairs?
• RIGHT OF SALE:
sale on default?
no right to sale?
• RIGHT OF USING THE GOODS: no right?
23. 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.
24. Rights of Pawner
Rights of Pawner:
Enforcement of pawnee’s duties Defaulting
pawnor’s right to redeem