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Subham sir ppt session

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Purnima Behera
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12 views

Subham sir ppt session

Uploaded by

Purnima Behera
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Contract of

Bailment
Presented By:-

Name- Purnima Behera

Roll no- PG23MCOM005

DEPARTMENT OF M.COM(F & C)

Shailabala Women's Auto College Cuttack


CONTRACT :
• A contract is a legally binding agreement between two or more
parties that creates obligations for each party to do or not do
something.
• These obligations can be related to the exchange of goods,
services, money, or promises.
• Contracts are often written documents, but they can also be
implied by the parties' actions or conduct.

According to the Section 2(h) of the Indian Contract Act of 1872


, "A contract is an agreement that is enforceable by law."
What is Bailment?
• Section 148 of the Indian Contract Act, 1872, "A bailment is a legal
arrangement where one person (the bailor) transfers possession of
personal property to another person (the bailee) for a specific purpose."

• The bailee is obligated to return the property or its equivalent after the
purpose is fulfilled.

 Key Elements of a Bailment Contract:


1. Delivery of Property: The bailor must deliver the property to the bailee.
2. Acceptance of Property: The bailee must accept the property.
3. Purpose of Bailment: The parties must agree on the specific purpose for
which the property is being bailed.
4. Return of Property: The bailee is obligated to return the property or its
equivalent to the bailor when the purpose is fulfilled or upon the bailor's
demand.
 TYPES OF BAILMENT :

1. Bailment for Gratuitous Benefit: Neither the bailor nor the bailee receives a benefit.

2. Bailment for Mutual Benefit: Both the bailor and the bailee benefit.

3. Bailment for Benefit of Bailee: Only the bailee benefits.

 DUTIES OF BAILEE & BAILEER :


1. Bailor:

• Deliver the property in a fit condition.

• Disclose any known defects.

• Provide necessary instructions.

2. Bailee:

• Exercise reasonable care over the property.

• Return the property or its equivalent.

• Not use the property for unauthorized purposes.


 Examples of Bailment:
• Parking a car in a parking lot.
• Leaving clothes at a dry cleaner.
• Storing valuables in a safe deposit box.

 Legal Implications:
• Breach of Bailment: If a bailee fails to exercise reasonable care or
returns the property in a damaged condition, they may be liable for
breach of bailment.
• Loss of Property: The bailee may be liable for the loss of the
property if they were negligent or breached their duty of care.
• Conversion: If a bailee wrongfully uses the property for their own
benefit or refuses to return it, they may be liable for conversion.
THANK YOU

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