Common Contracts
1 similar Bailment and Pledge Agreement contracts
Bailment and pledge pdfBailment and Pledge Agreement • January 19th, 2021
Bail and bail are two special contracts that are often confused. Every promise is bail, but every bail is not bail. Bail means shipping goods from one person to another for special purpose. While collateral means the supply of goods as collateral to pay off the debt or fulfill the promise. Thus, bailment and bail are two different contracts. Bail is a special kind of bail. Bail is a special contract defined under section 148 of the Indian Contracts Act of 1872. It is derived from the French word i.e. bailer which means to deliver. The etymological value of bail is the transfer or change of ownership of goods. By bail, we mean the delivery of goods from one person to another with a special purpose under the contract stating that they must reimburse the goods when the purpose is met or disposed of on the instructions of the surety. The person who delivers the goods is known as bailor. And the man who's given the goods is known as Bailey. And the property on bail is known as bailed proper
