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Law of Bailment Essential characteristics Kinds of Bailment Rights, Duties & liabilities of Bailor & Bailee Pledge, Essential & Rights, Duties & liabilities Law of Agency Classification of Agency Rights, Duties & liabilities of Agent Termination of Agency
LAW OF BAILMENT
A bailment is delivery of the 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 off according to the directions of person delivering them. Example A gives piece of cloth to B to stitched a suit. This is bailment.
A is Bailor (person who delivers the goods) B is Bailee (person to whom goods are delivered) Transaction: Bailment
BAILMENT
Essential Characteristics : 1. Contract 2. Delivery of goods and change of possession 3. For specific purpose 4. Movable goods 5. Return of specific goods
BAILMENT
Kinds of Bailments: 1. Gratuitous bailment 2. Bailment for reward or remuneration 3. Pawn or pledge
BAILMENT
Bailor
Duties & liabilities Put bailee into possession Disclose faults in goods Bear risk for loss Bear necessary expenses Take back goods
BAILMENT
Bailee
Rights Particular lien Know faults in goods Claim necessary expenses Indemnity
Duties & liabilities Take care of goods Unauthorized use of goods bailed Returns of goods Pay damages
Lien
Lien is a right of a person to retain that which is in his
possession and which belongs to another, until the demands of the persons in possession are satisfied.
Kinds of lien: 1. General lien 2. Particular or specific lien
Pledge
The bailment of goods as security for payment of a debt or
Pledge
Essentials: 1. Goods must be delivered as security 2. There must be actual or constructive delivery of goods 3. Only movable goods 4. Transfer of possession is essential
Pledge
Pawner Rights, Duties & liabilities Maintenance Receive back the goods Repay loan
Pawnee Rights, Duties & liabilities Receive payment Recover extra expenses Owners default
Law of Agency
What is Agent, Principal? An agent is a person employed to do an act for another or to
Law of Agency
How Agency constituted 1. Agent by agreement 2. Agent by necessity 3. Agency by estoppel or by holding out 4. Agency by operation of law 5. Agency by rectification
Law of Agency
Classification of agent 1. Specific or particular agent 2. General agent 3. Mercantile agent 4. Sub agent 5. Co-agent 6. Substitute agent
Law of Agency
Agent
Duties Follow instruction Duty to act with skill Render account Communicate with principal Do not delegate his authority
Law of Agency
Termination of Agency
Thank you
Babita Burdak Hiranya Pandya Ketan Shah Pulok Saha Sachin Katudia