Professional Documents
Culture Documents
Group 12:
Divya PGFA1416
Eisha Khanna PGFA1417
Vedaant Lakhotia PGFA1461
Prabhat Lohani PGFA1439
Devendra Choudhary PGFA1414
Ashutosh Shukla PGFA1411
SPECIAL CONTRACTS
CONTRACT
OF INDEMNITY
{SEC. 124 & 125 }
CONTRCAT OF GUARANTEE
{SEC. 126 TO 147 }
CONTRACT OF BAILMENT
{SEC. 148 TO 181 }
CONTRACT OF PLEDGE
CONTRACT OF
INDEMNITY
FEATURES OF INDEMNITY
Examples:
Motor insurance
Marine insurance
Fire insurance
Life insurance is not the contract of indemnity
Contract of Guarantee
the goods and if P fails to pay the amount , I will. This is the contract
of guarantee.
PARTIES INVOLVED
Creditor
Principal debtor
Surety
CONTRACT OF
BAILMENT
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
Contract:
Delivery of Goods:
No Transfer of Ownership:
Delivery of Goods for Some Purpose:
Return of Specific Goods:
Movable Goods:
Deposit of Money Into Bank:
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]
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]
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
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]
CONTRACT OF PLEDGE
OF PAWN
Section 172
ESSENTIALS OF PLEDGE:
Delivery of Goods:
Delivery of goods should be by way of security..
Goods must be movable.