Bailment implies a sort of relationship in which the personal property of one person temporarily goes into the possession of another. The ownership goes into the possession of another . The ownership the articles or goods is in one person and the possession in another .
Bailment, as according to Section 148 of the Indian Contract Act (herein after referred to as ‘ICA’), defines as the transfer of the goods while not giving up its ownership, i.e. only the possession of the goods is transferred and not the title. The person who transfers the possession is called ‘bailor’ and the one getting the possession is called ‘bailee’.
Essentials of Contract of Bailment :
- The existence of a valid contract:- The existence of a valid contract is a foremost condition in bailment which implies that goods are to be returned when the purpose is fulfilled. Finder of lost goods is also known as bailee although there may not be any existing contract between him and the actual owner.
- Temporary delivery of goods:- The whole concept of bailment revolves around the fact that the goods are delivered for a temporary period and bailee cannot have permanent possession. Delivery of goods can be done through actual delivery or through constructive delivery which means that doing something which has the effect of putting the goods in possession of bailee or any other person authorized by him.
- Return of specific goods:- The bailee is bound to return the goods to bailor after the purpose for which it was taken is over. If the person is not returning the goods then it will not be bailment.
Types of Bailments :
- Deposit:- It is the simple bailment of goods by one man to another for a particular use. For example, A gives his computer to B for 7 days, it will be a case of a deposit
- Hire:- It includes goods delivered to the bailee for hire. For example, A gives his car to B for 7 days on rent of Rs. 700 per day, it will be a case of a hire
- Pawn/ Pledge:- when goods are delivered to another person by way of security for money borrowed. For example, A takes a loan from the Bank and keeps his papers of the house with a bank as security, it will be a case of pledge
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