What is bailment contract example?
The most common example is availing locker services from banks, i.e., banks are the bailee, and the person keeping his belongings in such lockers is the bailor. They both agreed upon some consideration, i.e., bailor uses the locker, and in turn, bailee charges the consideration for providing such services.
What are kinds of bailment contracts?
There are three types of bailments—those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee.
Which of the following statements are true about the contract of bailment?
Detailed Solution. The Indian Contract Act, 1872's section 148 defines bailment as the conveyance of commodities from one person to another for a certain purpose. When that goal is achieved, the recipient of the items returns them or otherwise disposes of them in accordance with the instructions of the sender.
Which one is a type of bailments Mcq?
Types of bailment are:\n\n Gratuitous bailment. Non-gratuitous bailment. Bailment for the exclusive benefit of bailor/bailee. Bailment for the mutual benefit of bailor ɪmp; bailee.
What is a bailment contract?
Bailment mainly referred to as the Transfer of the Personal property to a person for the complete safekeeping purpose only. Normally, the Contract of bailment is a contractual relationship for a specific period of time. The person receiving property would have the possession as well as control on the property.
Which of the following is an example of bailment?
For example, A delivering his car for Service at the service center is an example of bailment. The person delivering the goods is known as bailor and the person to whom goods are delivered is known as bailee. However, if the owner continues to maintain control over the goods, there is no bailment
What is bail?
“The transfer of the possession of goods by the owner (the bailor) to another (the bailee) for a specific purpose.”