Overview of Bailment in Business Law
Bailment in business law involves the delivery of goods from one party to another for a specific purpose under a contract. The concept entails defined duties and rights for both the bailor and bailee, including obligations such as care of the goods, returning them, and indemnifying for damages. Understanding these responsibilities is vital for businesses engaging in bailment transactions.
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Presentation Transcript
Bailment Meaning The word bailment is derived from the French word ballies which means to deliver. Bailment means to deliver or a thing to another person under a contract for on return at a specified time or after the purpose is accomplished.
Definition of Bailment Sec.148 of the Contract Act defines Bailment as the delivery of goods by one person to another for some purpose upon a contract, that they shall be retailed or otherwise disposed of according to the directions of the person delivering them.
Duties of Duties of Bailer i)Duty to declare known defects. ii)To meet expenses. iii)To indemnity the Bailee. iv)To receive the goods back. Bailer Rights of Bailer Rights of Bailer i)Right to claim back the goods. ii) Right to teugination. iii) Alteration of goods. iv) Enforcement of lights. v)To claim compensation for damages caused to goods.
Duties of the Duties of the Bailee I) Duty of reasonable care. II) Not to make any unauthorised used of goods. III) To return the goods bailed. IV) To return any a correction or profit. Bailee Rights of Bailee I) Right to lien. Expenses to be reimbursed. II) Right to indemnify. III) Right to return the goods. IV) Right to get compensation when bailment is wrongfully terminator.
