Measures of Central Tendency: Mean, Median and Mode
Bailment and pledge
1. Bailment & pledge
Section 148
Delivery of goods by 1 person to
another for some purpose …contract:
to return after use or to dispose as
asked by the person who delivered
the goods
Bailor: who gives
Bailee : who takes
Bailment: transaction
2. Examples:
Hiring a bicycle
Giving cloth to a tailor
Delivering watch for repair
3. Kinds of bailment
Based on benefit:
Bailment for the exclusive benefit of :
1] bailor: leaving goods in safe
custody without paying
2] bailee :a loan of some article like a
pen
3] mutual benefit: contracts for
hiring, repair ,etc
4. Kinds of bailment:
Based on reward:
1] gratuitous bailment: neither bailor
nor bailee is entitled for
remuneration, example: lending a
book to a friend
2] non-gratuitous bailment: bailment
of reward: either bailee or bailor is
entitled to a remuneration , example:
hire, tailor, etc
5. Difference between sale & bailment
Ownership transferred?
Buyer under no obligation to return
goods?
Ownership not transferred?
6. Difference between bailment &
licence
Permission to use place?
No delivery of goods?
Responsible for safety of goods?
Goods delivered?
7. 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
Duty to return goods {A hires a
horse for 4 days, fails to return, horse
dies, has to pay price of horse}
Duty to return any accretion to goods
{cow + calf}
8. Duties of bailor:
Disclose faults in goods
Repay necessary expenses in case of
gratuitous bailment.. feeding expenses for
the horse kept in safe custody
Repay extraordinary expenses in case of
non-gratuitous bailment.. If horse falls ill
during bailment period then giving
expenses
Duty to indemnify bailee.. If A gives his
neighbor's scooter to B
Duty to receive back the goods
9. PLEDGE OR PAWN
Bailment of goods as security for
payment of debt or performance of a
promise :PLEDGE
Bailor: PAWNER
Bailee: PAWNEE
Example:
A borrows Rs.100 from B & keeps his
watch as security : pledge
10. Difference between bailment &
pledge:
PURPOSE: security? ; repairs?
RIGHT OF SALE: sale on default? ; no
right to sale?
RIGHT OF USING THE GOODS: no
right?
11. Rights of Pawnee:
Right of retainer{S.173}: right to retain
goods until dues paid
Right of transfer for subsequent advances:
{S.174}: on lending money to same debtor
without further security ;right to retain
earlier goods extends
Right to extraordinary expenses {S.175}
Right to sue the pawner or sell the goods
on default.
12. Rights of Pawnor:
Enforcement of pawnee’s duties
Defaulting pawnor’s right to redeem