Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Kevin Moses Paul   08 March 2021

According to Indian Contract Act 1872, bailment is a contractual agreement between the bailor and the bailee that specifies the terms and purpose of such a change in possession.

A bailor is an individual who temporarily relinquishes possession but not ownership of a good or other property under a bailment agreement. The bailor entrusts possession of the good(s) or property to another individual, known as the bailee.

While on the other hand, a bailee is an individual who temporarily gains possession, but not ownership, of a good or other property.

The section 126 of Indian Contract Act, 1872 defines the person known as Surety.
surety is a person giving a guarantee in a contract of guarantee. A person who takes responsibility to pay a sum of money, perform any duty for another person in case that person fails to perform such work.

Hope It Helps

Regards
Kevin M. Paul

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register