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This document discusses different types of liens including bailee's lien and finder's lien. It defines a bailee's lien as the right of one person to retain possession of goods belonging to another until some debt or claim is satisfied. It notes there must be rightful possession that is continuous for a bailee's lien to apply. The document also distinguishes between particular liens that apply between bailor and bailee, and general liens that apply for bankers, factors, and wharfingers. It outlines the rights and obligations of a finder of goods, including the finder's right to a lien and right to sue for a reward from the owner. The bailment relationship can be terminated in various
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Passing of property in goods
This document discusses when property in goods passes from the seller to the buyer. It outlines several key rules and reasons regarding the passing of property, including:
1. Property passes when the goods are specified, ascertained, appropriated, or delivered. Property may also pass when the risk transfers according to the agreement or custom, even if separated from the property.
2. Determining when property passes is important for deciding who bears the loss if goods are damaged or who is responsible in the event of insolvency.
3. The rules regarding passing of property depend on whether the goods are specific, ascertained, future goods, or if the seller reserves the right of disposal. Risk typically passes with
contract of sale
The document provides information on contracts of sale under Indian law. It summarizes that [1] a contract of sale is defined as an agreement where the seller transfers property in goods to the buyer for a price, [2] essential elements include at least two parties, goods as the subject matter, a money price, and transfer of property, and [3] characteristics include the buyer and seller, goods as movable property, and transfer of ownership either immediately or at a future time.
Business legislation (finder of goods)
The document discusses the rights and duties of a finder of goods under business legislation. It states that a finder has custody over found goods and must take due care to find the true owner. They have the right to compensation for expenses in preserving the goods and can retain the goods through a lien until receiving payment. The finder also has the right to sue the owner or take legal action against those depriving possession. Their duties include making efforts to find the true owner and taking care of the goods as a prudent person would their own.
Property Law For Business
The document discusses various types of property and property rights under Indian law. It defines movable and immovable property, tangible and intangible property. It summarizes the key differences between a sale of goods and an agreement to sell. It also provides an overview of the rights of unpaid sellers, including liens, stopping goods in transit, and re-sale. Mortgages are discussed, including the different types of mortgages defined under Indian law.
Contract of sales
This document discusses rules regarding the transfer of property titles for goods. It covers several key points:
1. For the transfer of title to occur, the goods must be specific and in a deliverable state. The title transfers when the contract is made unless additional acts like measuring or testing are required.
2. If goods are unascertained, no title transfers until they are appropriated to the contract with consent of both buyer and seller.
3. Several exceptions allow title to pass even if the seller does not own the goods, such as when implied or apparent authority to sell is given, for goods sold by co-owners or agents, or by unpaid sellers who provide proper notice.
Lecture 12.
This document discusses the legal concepts of bailment and pledge. It defines bailment as when the owner of goods gives custody and possession of the goods to another person through a contract, to be returned later. The owner is the bailor and the person receiving the goods is the bailee. There are various types of bailments and rights and duties of both the bailor and bailee. Pledge is a special type of bailment where goods are delivered as security for repayment of a debt, with the pawner being the bailor and pawnee the bailee. The document provides details on the rights and duties of both parties in a pledge, as well as examples of cases involving issues of bailment
Conditions and warranties
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
Difference between Sale & Agreement to Sell (Contract of Sale and Agreement t...
Sale
A sale is a type of contract in which the seller transfers the ownership of goods to the buyer for a money consideration. Here the relationship amidst the seller and buyer is of creditor and debtor. It is the result of an agreement to sell when the conditions are fulfilled and the specified time is over.
Agreement to Sell
An agreement to sell is also a contract of sale of goods, in which the seller agrees to transfer goods to the buyer for a price at a later date or after the fulfilment of a condition.
When there is a willingness of the both the parties to constitute a sale i.e. the buyer agrees to buy, and the seller is ready to sell the goods for monetary value. In an agreement to sell the performance of the contract is done at a future date, i.e. when the time elapses or when the necessary conditions are satisfied. After the contract is executed, it becomes a valid sale. All the necessary conditions required at the time of sale should exist in the case of an agreement to sell too.
If the seller rescinds the contract, then the buyer can claim damages for the breach of contract. On the other hand, the unpaid seller can also sue the buyer for damages.
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Passing of property in goods
This document discusses when property in goods passes from the seller to the buyer. It outlines several key rules and reasons regarding the passing of property, including:
1. Property passes when the goods are specified, ascertained, appropriated, or delivered. Property may also pass when the risk transfers according to the agreement or custom, even if separated from the property.
2. Determining when property passes is important for deciding who bears the loss if goods are damaged or who is responsible in the event of insolvency.
3. The rules regarding passing of property depend on whether the goods are specific, ascertained, future goods, or if the seller reserves the right of disposal. Risk typically passes with
contract of sale
The document provides information on contracts of sale under Indian law. It summarizes that [1] a contract of sale is defined as an agreement where the seller transfers property in goods to the buyer for a price, [2] essential elements include at least two parties, goods as the subject matter, a money price, and transfer of property, and [3] characteristics include the buyer and seller, goods as movable property, and transfer of ownership either immediately or at a future time.
Business legislation (finder of goods)
The document discusses the rights and duties of a finder of goods under business legislation. It states that a finder has custody over found goods and must take due care to find the true owner. They have the right to compensation for expenses in preserving the goods and can retain the goods through a lien until receiving payment. The finder also has the right to sue the owner or take legal action against those depriving possession. Their duties include making efforts to find the true owner and taking care of the goods as a prudent person would their own.
Property Law For Business
The document discusses various types of property and property rights under Indian law. It defines movable and immovable property, tangible and intangible property. It summarizes the key differences between a sale of goods and an agreement to sell. It also provides an overview of the rights of unpaid sellers, including liens, stopping goods in transit, and re-sale. Mortgages are discussed, including the different types of mortgages defined under Indian law.
Contract of sales
This document discusses rules regarding the transfer of property titles for goods. It covers several key points:
1. For the transfer of title to occur, the goods must be specific and in a deliverable state. The title transfers when the contract is made unless additional acts like measuring or testing are required.
2. If goods are unascertained, no title transfers until they are appropriated to the contract with consent of both buyer and seller.
3. Several exceptions allow title to pass even if the seller does not own the goods, such as when implied or apparent authority to sell is given, for goods sold by co-owners or agents, or by unpaid sellers who provide proper notice.
Lecture 12.
This document discusses the legal concepts of bailment and pledge. It defines bailment as when the owner of goods gives custody and possession of the goods to another person through a contract, to be returned later. The owner is the bailor and the person receiving the goods is the bailee. There are various types of bailments and rights and duties of both the bailor and bailee. Pledge is a special type of bailment where goods are delivered as security for repayment of a debt, with the pawner being the bailor and pawnee the bailee. The document provides details on the rights and duties of both parties in a pledge, as well as examples of cases involving issues of bailment
Conditions and warranties
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
Difference between Sale & Agreement to Sell (Contract of Sale and Agreement t...
Sale
A sale is a type of contract in which the seller transfers the ownership of goods to the buyer for a money consideration. Here the relationship amidst the seller and buyer is of creditor and debtor. It is the result of an agreement to sell when the conditions are fulfilled and the specified time is over.
Agreement to Sell
An agreement to sell is also a contract of sale of goods, in which the seller agrees to transfer goods to the buyer for a price at a later date or after the fulfilment of a condition.
When there is a willingness of the both the parties to constitute a sale i.e. the buyer agrees to buy, and the seller is ready to sell the goods for monetary value. In an agreement to sell the performance of the contract is done at a future date, i.e. when the time elapses or when the necessary conditions are satisfied. After the contract is executed, it becomes a valid sale. All the necessary conditions required at the time of sale should exist in the case of an agreement to sell too.
If the seller rescinds the contract, then the buyer can claim damages for the breach of contract. On the other hand, the unpaid seller can also sue the buyer for damages.
Sale and agreement to sell
The document defines and distinguishes between a contract of sale and an agreement to sell goods under Indian law. A contract of sale involves the immediate transfer of ownership from the seller to the buyer upon agreement, whereas an agreement to sell involves the future transfer of ownership upon certain conditions being met. The key differences between the two are: (1) a sale is an executed contract while an agreement to sell is executory, (2) risk of loss falls on the buyer in a sale but on the seller in an agreement to sell, and (3) available remedies differ depending on whether it is a sale or agreement to sell in cases of breach or insolvency.
Sale of Goods Act
Definition
According to Sec 4(1)
Sale of Goods Act “A
contract of sale of goods
is a contract whereby the
seller transfers or agrees
to transfer the property
in the goods to the buyer
for a price.
Performance of contract
The document discusses the performance of contracts between sellers and buyers. It outlines the duties of each party and defines key terms related to delivery of goods such as actual, symbolic, and constructive delivery. The document also covers rules regarding delivery including concurrent delivery and payment, partial deliveries, place and time of delivery, delivery of incorrect quantities, and the rights and duties of buyers.
CONTRACT OF SALES
This document defines the key elements of a valid contract and provides classifications of different contract types. It discusses that a contract requires: (1) agreement between the parties through offer and acceptance, (2) consideration in the form of something valuable exchanged, and (3) contractual capacity of the parties. It also outlines essential contract contents and classifications such as oral vs written, unilateral vs bilateral, and valid vs invalid contracts.
Unpaid seller
An unpaid seller is defined as a person who has sold goods but has not received full payment for the goods. An unpaid seller has several important rights under law to recover the unpaid price. These include:
1. The right of lien, which allows the seller to keep possession of the goods until full payment.
2. The right of stopping goods in transit, which allows the seller to resume possession of goods that are in the process of being delivered to the buyer if the buyer becomes insolvent.
3. The right of resale, which allows the seller to resell the goods to a third party if the buyer does not pay, in order to recover losses from the unpaid sale.
The unpaid
Unpaid Seller - Meaning, Rights of Unpaid Seller against the goods and Rights...
An unpaid seller is a seller who has not received full payment for goods sold. An unpaid seller has certain rights against the goods and buyer, including the right of lien, right of stoppage in transit, and right to resell the goods. The right of lien allows the seller to keep possession of goods until full payment is received. The right of stoppage in transit allows the seller to regain possession of goods in transit if the buyer becomes insolvent. The unpaid seller can also sue the buyer for the price, damages for non-acceptance, or lost profits if the buyer breaches the contract.
Unpaid seller business law
An unpaid seller is a seller who has not received full or partial payment for goods sold. As an unpaid seller, they have certain rights depending on whether property in the goods has passed to the buyer. These rights include lien, stoppage in transit, resale, and withholding delivery. The right of lien allows the seller to keep possession of goods until payment. Stoppage in transit applies when goods are in transit and the buyer becomes insolvent. An unpaid seller also has the right to resell goods in certain circumstances after providing notice to the buyer. If property has not passed, the seller can withhold delivery of goods until payment or conditions are fulfilled.
Lien & finder of goods
This document discusses lien and finder of goods under Indian law. It defines lien as the right of a person in possession of another's property to retain it until a debt or obligation is discharged. It distinguishes between particular lien, which applies only to the specific bailed property, and general lien, which allows retention of any property to secure payment. Conditions for exercising particular lien include expending labor on the goods and payment being due. A finder of goods has the same responsibilities as a bailee, including lien rights and rights to sell under certain conditions. Bailment can be terminated for reasons like completion of the purpose or period of bailment or unauthorized use of goods.
Bailmentkjbckjxvckjvckjcnkcjn and Pledge.pptx
This document discusses bailment and pledge under business law. It defines bailment as the delivery of goods by an owner to another person for a specific purpose under a contract. Pledge is defined as the bailment of goods as security for payment of a debt or promise. The document outlines the essential elements, types, rights and duties of bailors, bailees and pledgors/pledgees. It also discusses termination of bailment contracts and the rights and duties of finders of lost goods.
Llb sc u 1.3 bailment-pledge
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 specified purpose, where ownership remains with the bailor. The key elements of bailment are delivery of goods, no transfer of ownership, delivery for a purpose, and return of the same goods. Bailment can be classified based on benefit and willingness. It also outlines the rights and duties of bailors and bailees. Pledge is defined as a bailment where goods are delivered as security for a debt or promise. The essential elements of pledge and the rights and duties of pawners and pawnees are described. The document also discusses pledge by non-owners such
Bailment and Pledge, Personal.pptx
This document defines bailment and pledge under Bangladesh law and summarizes their key characteristics. It discusses the definition of bailment as the delivery of goods by one person to another for a purpose, upon agreement that the goods will be returned or disposed of when the purpose is complete. The document outlines the duties of bailors and bailees. It also defines pledge or pawn as a bailment where goods are delivered as security for a debt or promise. The document distinguishes bailment from pledge based on their different purposes. It concludes by summarizing the definition and types of agency relationships under Bangladesh law.
Business and industrial law
This document provides an overview of the key concepts in a contract of bailment under business and industrial law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned or disposed of according to the deliverer's instructions. There are two parties to a bailment: the bailor who delivers the goods and the bailee who receives them. Bailments can be classified based on who benefits and whether compensation is provided. The document outlines the duties of both the bailor and bailee, as well as their respective rights.
4. important terms done
1. The document discusses different modes of lending used by banks to secure advances, including lien, pledge, mortgage, and hypothecation.
2. A lien allows a bank to retain possession of goods until debts are paid, while a pledge involves delivering goods to the bank.
3. Mortgage transfers interest in specific immovable property, and hypothecation grants security over movable property without transferring possession.
Special Contracts as per Contract Act.pptx
Based on the facts of the case, some key points are:
1. DESU had facilitated an insurance scheme for its employees through LIC wherein premium would be deducted from salary and paid to LIC.
2. DESU communicated to employees that it had arranged the Salary Savings Scheme through LIC for their benefit and premium would be deducted and remitted.
3. For Bhim Singh, premium for first 3 months was remitted but not subsequent months, despite deduction from salary.
4. Bhim Singh died and claim was denied by LIC citing lapse due to non-payment of premium.
5. The question before the Court was whether DESU was acting as an agent of
Bailment & Pledge
This document discusses the legal concepts of bailment and pledge. 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 is the bailee. Bailment can be gratuitous (without compensation) or non-gratuitous. Pledge is a type of bailment where goods are delivered as security for a debt. The person delivering the goods is the pawnor and receiving is the pawnee. The document outlines the duties and rights of bailors/pawnees and bailees/pawnees, and provides examples to distinguish between bailment and pledge
The Contract of Bailment
Bailment is a contract where one person delivers goods to another for a specific purpose, with the understanding that the goods will be returned once the purpose is accomplished. Key elements of a bailment include the delivery of movable goods by the bailor to the bailee, without transferring ownership, for a specific purpose. Bailments can be classified based on benefit, willingness, or whether remuneration is provided. Bailors and bailees each have rights and duties - bailors can demand return of goods while bailees must take reasonable care of goods.
Business law
This document summarizes key concepts related to contracts of bailment, agency, and sales. It defines a bailment as a contract where one party (the bailor) delivers goods to another (the bailee) for a specific purpose, such as safekeeping or repair. The bailor retains ownership and expects return of the same goods. It outlines duties of bailors and bailees. It also defines agency as a contract where one person acts on behalf of another, discusses creation of agencies, and duties of agents and principals. Finally, it notes a sales contract requires a buyer, seller, agreed price, transfer of ownership of movable goods, and satisfaction of general contract requirements.
Bailment and pledge
This document discusses bailment and pledge under Indian law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned once the purpose is accomplished. The bailor delivers the goods to the bailee. A bailment creates a legal duty for the bailee to take reasonable care of the goods and return them undamaged. A pledge is a type of bailment where goods are delivered as security for a debt; the pledgee can retain or sell the goods if the debt is not repaid. The key differences between bailment and pledge are that in a pledge the goods are delivered as security for a loan rather than for safekeeping or repairs, and the pledgee
Bailment & pledge
A bailment is an agreement where one person (the bailor) delivers goods to another (the bailee) for a specific purpose, with the understanding that the goods will be returned or accounted for when the purpose is fulfilled. In a bailment, possession but not ownership is transferred. Examples include hiring goods, delivering clothes to a tailor for stitching, or delivering a car for repairs. The document then discusses different types of bailments and the rights and duties of bailors and bailees.
Consideration
This document defines consideration and outlines its key elements and functions in contract law. Consideration is something of value given in exchange for something received. It must be given by the promisee at the promisor's request. Consideration can be past, present or future acts. It must be real/possible, but does not need to be adequately valued. Exceptions to the consideration requirement include contracts of love, agency, voluntary services, donations, gifts, extensions of time limits, and time-barred debts. The document also defines bailment as the delivery of goods by one person to another for a purpose, and outlines the rights and duties of bailors and bailees.
Rights and Duties of Bailor and Bailee
The document discusses the rights and duties of bailors and bailees. A bailor temporarily gives possession of goods to a bailee but retains ownership. The bailor has the right to compensation if the goods are damaged due to the bailee's negligence and the right to demand return of the goods. The bailee has the right to compensation from the bailor and the right to expenses incurred in caring for the goods. Both parties have duties - the bailor must disclose known faults while the bailee must take reasonable care of the goods and not mix them with personal items.
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Sale and agreement to sell
The document defines and distinguishes between a contract of sale and an agreement to sell goods under Indian law. A contract of sale involves the immediate transfer of ownership from the seller to the buyer upon agreement, whereas an agreement to sell involves the future transfer of ownership upon certain conditions being met. The key differences between the two are: (1) a sale is an executed contract while an agreement to sell is executory, (2) risk of loss falls on the buyer in a sale but on the seller in an agreement to sell, and (3) available remedies differ depending on whether it is a sale or agreement to sell in cases of breach or insolvency.
Sale of Goods Act
Definition
According to Sec 4(1)
Sale of Goods Act “A
contract of sale of goods
is a contract whereby the
seller transfers or agrees
to transfer the property
in the goods to the buyer
for a price.
Performance of contract
The document discusses the performance of contracts between sellers and buyers. It outlines the duties of each party and defines key terms related to delivery of goods such as actual, symbolic, and constructive delivery. The document also covers rules regarding delivery including concurrent delivery and payment, partial deliveries, place and time of delivery, delivery of incorrect quantities, and the rights and duties of buyers.
CONTRACT OF SALES
This document defines the key elements of a valid contract and provides classifications of different contract types. It discusses that a contract requires: (1) agreement between the parties through offer and acceptance, (2) consideration in the form of something valuable exchanged, and (3) contractual capacity of the parties. It also outlines essential contract contents and classifications such as oral vs written, unilateral vs bilateral, and valid vs invalid contracts.
Unpaid seller
An unpaid seller is defined as a person who has sold goods but has not received full payment for the goods. An unpaid seller has several important rights under law to recover the unpaid price. These include:
1. The right of lien, which allows the seller to keep possession of the goods until full payment.
2. The right of stopping goods in transit, which allows the seller to resume possession of goods that are in the process of being delivered to the buyer if the buyer becomes insolvent.
3. The right of resale, which allows the seller to resell the goods to a third party if the buyer does not pay, in order to recover losses from the unpaid sale.
The unpaid
Unpaid Seller - Meaning, Rights of Unpaid Seller against the goods and Rights...
An unpaid seller is a seller who has not received full payment for goods sold. An unpaid seller has certain rights against the goods and buyer, including the right of lien, right of stoppage in transit, and right to resell the goods. The right of lien allows the seller to keep possession of goods until full payment is received. The right of stoppage in transit allows the seller to regain possession of goods in transit if the buyer becomes insolvent. The unpaid seller can also sue the buyer for the price, damages for non-acceptance, or lost profits if the buyer breaches the contract.
Unpaid seller business law
An unpaid seller is a seller who has not received full or partial payment for goods sold. As an unpaid seller, they have certain rights depending on whether property in the goods has passed to the buyer. These rights include lien, stoppage in transit, resale, and withholding delivery. The right of lien allows the seller to keep possession of goods until payment. Stoppage in transit applies when goods are in transit and the buyer becomes insolvent. An unpaid seller also has the right to resell goods in certain circumstances after providing notice to the buyer. If property has not passed, the seller can withhold delivery of goods until payment or conditions are fulfilled.
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Unpaid Seller - Meaning, Rights of Unpaid Seller against the goods and Rights...
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Lien & finder of goods
This document discusses lien and finder of goods under Indian law. It defines lien as the right of a person in possession of another's property to retain it until a debt or obligation is discharged. It distinguishes between particular lien, which applies only to the specific bailed property, and general lien, which allows retention of any property to secure payment. Conditions for exercising particular lien include expending labor on the goods and payment being due. A finder of goods has the same responsibilities as a bailee, including lien rights and rights to sell under certain conditions. Bailment can be terminated for reasons like completion of the purpose or period of bailment or unauthorized use of goods.
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This document discusses bailment and pledge under business law. It defines bailment as the delivery of goods by an owner to another person for a specific purpose under a contract. Pledge is defined as the bailment of goods as security for payment of a debt or promise. The document outlines the essential elements, types, rights and duties of bailors, bailees and pledgors/pledgees. It also discusses termination of bailment contracts and the rights and duties of finders of lost goods.
Llb sc u 1.3 bailment-pledge
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 specified purpose, where ownership remains with the bailor. The key elements of bailment are delivery of goods, no transfer of ownership, delivery for a purpose, and return of the same goods. Bailment can be classified based on benefit and willingness. It also outlines the rights and duties of bailors and bailees. Pledge is defined as a bailment where goods are delivered as security for a debt or promise. The essential elements of pledge and the rights and duties of pawners and pawnees are described. The document also discusses pledge by non-owners such
Bailment and Pledge, Personal.pptx
This document defines bailment and pledge under Bangladesh law and summarizes their key characteristics. It discusses the definition of bailment as the delivery of goods by one person to another for a purpose, upon agreement that the goods will be returned or disposed of when the purpose is complete. The document outlines the duties of bailors and bailees. It also defines pledge or pawn as a bailment where goods are delivered as security for a debt or promise. The document distinguishes bailment from pledge based on their different purposes. It concludes by summarizing the definition and types of agency relationships under Bangladesh law.
Business and industrial law
This document provides an overview of the key concepts in a contract of bailment under business and industrial law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned or disposed of according to the deliverer's instructions. There are two parties to a bailment: the bailor who delivers the goods and the bailee who receives them. Bailments can be classified based on who benefits and whether compensation is provided. The document outlines the duties of both the bailor and bailee, as well as their respective rights.
4. important terms done
1. The document discusses different modes of lending used by banks to secure advances, including lien, pledge, mortgage, and hypothecation.
2. A lien allows a bank to retain possession of goods until debts are paid, while a pledge involves delivering goods to the bank.
3. Mortgage transfers interest in specific immovable property, and hypothecation grants security over movable property without transferring possession.
Special Contracts as per Contract Act.pptx
Based on the facts of the case, some key points are:
1. DESU had facilitated an insurance scheme for its employees through LIC wherein premium would be deducted from salary and paid to LIC.
2. DESU communicated to employees that it had arranged the Salary Savings Scheme through LIC for their benefit and premium would be deducted and remitted.
3. For Bhim Singh, premium for first 3 months was remitted but not subsequent months, despite deduction from salary.
4. Bhim Singh died and claim was denied by LIC citing lapse due to non-payment of premium.
5. The question before the Court was whether DESU was acting as an agent of
Bailment & Pledge
This document discusses the legal concepts of bailment and pledge. 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 is the bailee. Bailment can be gratuitous (without compensation) or non-gratuitous. Pledge is a type of bailment where goods are delivered as security for a debt. The person delivering the goods is the pawnor and receiving is the pawnee. The document outlines the duties and rights of bailors/pawnees and bailees/pawnees, and provides examples to distinguish between bailment and pledge
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Bailment is a contract where one person delivers goods to another for a specific purpose, with the understanding that the goods will be returned once the purpose is accomplished. Key elements of a bailment include the delivery of movable goods by the bailor to the bailee, without transferring ownership, for a specific purpose. Bailments can be classified based on benefit, willingness, or whether remuneration is provided. Bailors and bailees each have rights and duties - bailors can demand return of goods while bailees must take reasonable care of goods.
Business law
This document summarizes key concepts related to contracts of bailment, agency, and sales. It defines a bailment as a contract where one party (the bailor) delivers goods to another (the bailee) for a specific purpose, such as safekeeping or repair. The bailor retains ownership and expects return of the same goods. It outlines duties of bailors and bailees. It also defines agency as a contract where one person acts on behalf of another, discusses creation of agencies, and duties of agents and principals. Finally, it notes a sales contract requires a buyer, seller, agreed price, transfer of ownership of movable goods, and satisfaction of general contract requirements.
Bailment and pledge
This document discusses bailment and pledge under Indian law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned once the purpose is accomplished. The bailor delivers the goods to the bailee. A bailment creates a legal duty for the bailee to take reasonable care of the goods and return them undamaged. A pledge is a type of bailment where goods are delivered as security for a debt; the pledgee can retain or sell the goods if the debt is not repaid. The key differences between bailment and pledge are that in a pledge the goods are delivered as security for a loan rather than for safekeeping or repairs, and the pledgee
Bailment & pledge
A bailment is an agreement where one person (the bailor) delivers goods to another (the bailee) for a specific purpose, with the understanding that the goods will be returned or accounted for when the purpose is fulfilled. In a bailment, possession but not ownership is transferred. Examples include hiring goods, delivering clothes to a tailor for stitching, or delivering a car for repairs. The document then discusses different types of bailments and the rights and duties of bailors and bailees.
Consideration
This document defines consideration and outlines its key elements and functions in contract law. Consideration is something of value given in exchange for something received. It must be given by the promisee at the promisor's request. Consideration can be past, present or future acts. It must be real/possible, but does not need to be adequately valued. Exceptions to the consideration requirement include contracts of love, agency, voluntary services, donations, gifts, extensions of time limits, and time-barred debts. The document also defines bailment as the delivery of goods by one person to another for a purpose, and outlines the rights and duties of bailors and bailees.
Rights and Duties of Bailor and Bailee
The document discusses the rights and duties of bailors and bailees. A bailor temporarily gives possession of goods to a bailee but retains ownership. The bailor has the right to compensation if the goods are damaged due to the bailee's negligence and the right to demand return of the goods. The bailee has the right to compensation from the bailor and the right to expenses incurred in caring for the goods. Both parties have duties - the bailor must disclose known faults while the bailee must take reasonable care of the goods and not mix them with personal items.
Bailment & pledge-12
The document discusses the legal concepts of bailment and pledge. It defines bailment, outlines the requirements for a valid bailment contract, and describes the classification and duties of bailors and bailees. The document also covers related topics such as finders of goods, common carriers, termination of bailments, the rights of pawners and pawnees in a pledge, and circumstances where a non-owner can pledge goods.
Borrowings against property
The document discusses various types of borrowings against property in India. It begins by defining a loan against property, where a borrower uses their property as collateral to secure a loan. It then describes different types of property-backed loans like pledge, hypothecation, lien, and various types of mortgages. Key terms like mortgagor, mortgagee and registration charges are also explained. The rights and liabilities of parties in property-backed loans are discussed at the end.
unit 1(bailment-and-pledge).ppt
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 specified purpose, where possession but not ownership is transferred. A bailee's duties include taking reasonable care of goods and not making unauthorized use, while a bailor's duties include disclosing known defects. Bailment can be gratuitous or for remuneration. Pledge is a type of bailment where goods are delivered as security for a debt. The document outlines the rights and duties of pawners and pawnees in pledge agreements. It also discusses when non-owners can validly pledge goods.
Bailment and-pledge
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, where possession but not ownership is transferred. A bailee's duties include taking reasonable care of goods and not making unauthorized use, while a bailor's duties include disclosing known defects. Bailment can be gratuitous or for remuneration. Pledge is a type of bailment where goods are delivered as security for a debt. The document outlines the rights and duties of pawners and pawnees in pledge agreements. It also discusses different types of bailment and pledge classifications.
Bailment and Pledge - Business Law
Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the "bailor") to another person (the "bailee") who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping and is a cause of action independent of contract or tort.
Bailment is distinguished from a contract of sale or a gift of property, as it only involves the transfer of possession and not its ownership. To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel. Bailment is a typical common law concept although similar concepts exist in civil law (Spain- Depósito).
In addition, unlike a lease or rental, where ownership remains with the lessor but the lessee is allowed to use the property, the bailee is generally not entitled to the use of the property while it is in his possession.
A common example of bailment is leaving your car with a valet. Leaving your car in an unattended parking garage is typically a license rather than a bailment, as the car park's intent to possess your car cannot be shown. However, bailments arise in many other situations, including terminated leases of property, warehousing (including store-it-yourself) or in a carriage of goods.
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business law
- 1. S.MUTHU KUMAR B.COM “B” Business law assignment
- 2. BAILEE’S LIEN Meaning : Right of one person to retain possession of some goods belonging to another untill some debts or claim of the person in possession is satisfied.
- 3. POSSESSION • It must be rightful,not for a particular purpose and continuous .It may arise by statute,or express or implied or by a general course of dealing.
- 4. KINDS OF LIEN 1. Particular lien-Bailor and Bailee 2. General lien – Banker, Factor, Wharfinger, Attorneys In the case of Bailment, particular lien is exercised.
- 5. PARTICULAR LIEN & GENERAL LIEN 1. Right of a bailee to retain particular 2. Service has been rendered involving the experience of labour as skills 3. Retain a thing to recover the remmeration or charges 4. This Right is available to any bailee or creditors 1. Right to of a person to retain anything belonging to another 2. It is available even when no such service has been rendered. 3. Retaining any property belonging to another is to recovery all tha amount due that person 4. This right is available only to bankers, factors..
- 6. • FINDER OF GOODS • 😀 Rights of finder of goods • 😀 obligation of finder of goods • 😀 Termination of Bailment
- 7. FINDER OF GOODS 1. A person who finds goods belonging of another and takes them in his custody is subject to the responsibility as a bailee
- 8. RIGHTS OF FINDER OF GOODS • Right of lien • Right to sue for reward(owner) • Right of sale_they not be found, refuses to pay lawful charges, perishing in nature; charge is more than 2/3 of value.
- 9. OBLIGATION OF FINDER OF GOOS He is acting as bailee and Takes responsibility care,not to use the goods Not to mix the goods and to find out the true owner.
- 10. TERMINATION OF BAILMENT The contract of Bailment is terminated in the following cases 1. On the expiry of period 2. On the achievement of object 3. In consistent use of goods 4. Destructive of the subject matter 5. Gratuitous Bailment at any time 6. Death of Bailor and bailee
- 11. . 😎 THANK YOU 😎