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  • Bailment: by Vageesh R M

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    Ravichandra Ks
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    Bailment is defined as the delivery of movable goods by one person (the bailor) to another person (the bailee) for a specific purpose, with the understanding that the goods will be returned or disposed of as directed by the bailor once the purpose is accomplished. Examples of bailment include hiring furniture, delivering clothes to a tailor, or leaving a vehicle with a repair shop. For a transaction to be considered a bailment, there must be delivery of physical or constructive possession of goods for a purpose, and an agreement for return of the specific goods or their disposal as directed by the bailor.

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    Bailment is defined as the delivery of movable goods by one person (the bailor) to another person (the bailee) for a specific purpose, with the understanding that the goods will be returned or disposed of as directed by the bailor once the purpose is accomplished. Examples of bailment include hiring furniture, delivering clothes to a tailor, or leaving a vehicle with a repair shop. For a transaction to be considered a bailment, there must be delivery of physical or constructive possession of goods for a purpose, and an agreement for return of the specific goods or their disposal as directed by the bailor.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    11 views5 pages

    Bailment: by Vageesh R M

    Uploaded by

    Ravichandra Ks
    Bailment is defined as the delivery of movable goods by one person (the bailor) to another person (the bailee) for a specific purpose, with the understanding that the goods will be returned or disposed of as directed by the bailor once the purpose is accomplished. Examples of bailment include hiring furniture, delivering clothes to a tailor, or leaving a vehicle with a repair shop. For a transaction to be considered a bailment, there must be delivery of physical or constructive possession of goods for a purpose, and an agreement for return of the specific goods or their disposal as directed by the bailor.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 5

    Bailment

    By Vageesh R M

    Bailment
    Definition: according to Sec. 148 of the Contract Act A bailment is the delivery of goods by one person to another for some purpose,

    - upon a contract that they shall, when the purpose is accomplished, by returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called bailor. The person to whom the they are delivered is called the bailee. And the transaction is called the bailment.

    Examples
    Hiring of furniture, cycle, bike etc.
    Delivering of cloth to a tailor for making a suit. Delivering a watch or scooter for repair. An insurance co. places a damaged inured car of A , in possession of R, a repairer . A is the Bailor , the insurance Co is the Bailee , and R is the sub-bailee Depositing goods for safe custody etc.

    Requisites of Bailment
    It is a delivery of movable goods by one person to another person: - Actual (physical possession of the goods) - Constructive (handing over the key) The goods are delivered for some purpose: - When goods are delivered by mistake without any purpose, there is no bailment. The goods are delivered subject to the condition that when the purpose is accomplished the goods are to be returned in specie or disposed of according to the directions of the bailor. Things to be known: Deposit of money with a banker is not a bailment because there is not obligation to return the identical money. However if notes and coins are deposited in a box for safe custody, it is bailment as they are to be returned in specie.

    Thank you..

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