Tax and Legal Aspects of Business
The Tax & Legal Aspects of Business
Project on Legal Aspects Of Business
Name :Rimoni Mehta
Roll No. :84
M.M.S :Batch “B” Part I Bailment & Pledge
Bailment - Bailment is another type of special contract. Since it is a ‘contract’, naturally all basic requirements of contract are applicable. - - Bailment means act of delivering goods for a specified purpose on trust. The goods are to be returned after the purpose is over. In bailment, possession of goods is transferred, but property i.e. ownership is not transferred. 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, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the “bailor”. The person to whom they are delivered is called the “bailee”. Explanation : If a person already in possession of the goods of another, contracts to hold them as a bailee, he thereby becomes the bailee, and owner becomes the bailor, of such goods, although they may not have been delivered by way of bailment. [section 148].
Essentials and Legal Rules as to Bailment: Contract: A bailment is usually created by agreement b/w the bailer & bailee Delivery of Goods: In bailment, the possession of goods must be delivered by the bailer to the bailee.
No Transfer of Ownership: In bailment, possession is transferred from one person to another but ownership of goods remains with the bailer. Delivery of Goods for Some Purpose: The delivery of goods must be for some specific performance. Return of Specific Goods: Goods are delivered to the bailee with the condition that the same goods will be returned to the bailer after the accomplishment of purpose. Movable Goods: In bailment, the goods bailed must be movable. Deposit of Money Into Bank – It is Bailment: Deposit of money into bank by a
Project on Legal Aspects Of Business
Name :Rimoni Mehta
Roll No. :84
M.M.S :Batch “B” Part I Bailment & Pledge
Bailment - Bailment is another type of special contract. Since it is a ‘contract’, naturally all basic requirements of contract are applicable. - - Bailment means act of delivering goods for a specified purpose on trust. The goods are to be returned after the purpose is over. In bailment, possession of goods is transferred, but property i.e. ownership is not transferred. 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, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the “bailor”. The person to whom they are delivered is called the “bailee”. Explanation : If a person already in possession of the goods of another, contracts to hold them as a bailee, he thereby becomes the bailee, and owner becomes the bailor, of such goods, although they may not have been delivered by way of bailment. [section 148].
Essentials and Legal Rules as to Bailment: Contract: A bailment is usually created by agreement b/w the bailer & bailee Delivery of Goods: In bailment, the possession of goods must be delivered by the bailer to the bailee.
No Transfer of Ownership: In bailment, possession is transferred from one person to another but ownership of goods remains with the bailer. Delivery of Goods for Some Purpose: The delivery of goods must be for some specific performance. Return of Specific Goods: Goods are delivered to the bailee with the condition that the same goods will be returned to the bailer after the accomplishment of purpose. Movable Goods: In bailment, the goods bailed must be movable. Deposit of Money Into Bank – It is Bailment: Deposit of money into bank by a