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    20&21 Termination of Bailment

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    Kamran Mirza
    This document discusses termination of bailment contracts, contracts of indemnity and guarantee, and the differences between indemnity and guarantee. It also outlines the rights and liabilities of a surety in a guarantee contract. Bailment contracts can be terminated when the period expires, the object is accomplished, or the bailer or bailee dies in some cases. Indemnity involves one party promising to save another from loss caused by the promisor or third party, while guarantee involves promising to perform or discharge a third party's liability if they default. The main differences are that indemnity involves two parties and one contract, while guarantee involves three parties and contracts.

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    20&21 Termination of Bailment

    Uploaded by

    Kamran Mirza
    48 views4 pages
    This document discusses termination of bailment contracts, contracts of indemnity and guarantee, and the differences between indemnity and guarantee. It also outlines the rights and liabilities of a surety in a guarantee contract. Bailment contracts can be terminated when the period expires, the object is accomplished, or the bailer or bailee dies in some cases. Indemnity involves one party promising to save another from loss caused by the promisor or third party, while guarantee involves promising to perform or discharge a third party's liability if they default. The main differences are that indemnity involves two parties and one contract, while guarantee involves three parties and contracts.

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    This document discusses termination of bailment contracts, contracts of indemnity and guarantee, and the differences between indemnity and guarantee. It also outlines the rights and liabilities of a surety in a guarantee contract. Bailment contracts can be terminated when the period expires, the object is accomplished, or the bailer or bailee dies in some cases. Indemnity involves one party promising to save another from loss caused by the promisor or third party, while guarantee involves promising to perform or discharge a third party's liability if they default. The main differences are that indemnity involves two parties and one contract, while guarantee involves three parties and contracts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    48 views4 pages

    20&21 Termination of Bailment

    Uploaded by

    Kamran Mirza
    This document discusses termination of bailment contracts, contracts of indemnity and guarantee, and the differences between indemnity and guarantee. It also outlines the rights and liabilities of a surety in a guarantee contract. Bailment contracts can be terminated when the period expires, the object is accomplished, or the bailer or bailee dies in some cases. Indemnity involves one party promising to save another from loss caused by the promisor or third party, while guarantee involves promising to perform or discharge a third party's liability if they default. The main differences are that indemnity involves two parties and one contract, while guarantee involves three parties and contracts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 4

    TERMINITION OF BAILMENT

    • When the period of bailment expires


    • When the object of bailment is accomplished
    • On the death of bailer or bailee in gratuitous
    bailment
    • When bailee violates the terms the bailer can
    terminate the contract
    CONTRACT OF INDEMNITY AND
    GUARANTEE
    Indemnity A contract in which one party
    promises to save the other from loss caused to
    him by the conduct of the promisor himself or
    by the conduct of any other person is called
    contract of indemnity
    Guarantee A contract to perform the promise
    or discharge the liability of a third person in
    the case of his default is called contract of
    guarantee
    DIFFERENCE BETWEEN INDEMNITY
    AND GUARANTEE
    INDEMNITY GUARANTEE
    1. It has two parties 1. It has three parties
    (Indemnifier and (Creditor, principal
    indemnified) debtor and guarantor)
    2. It has one contract 2. It has three contracts
    3. Liability of indemnifier 3. Liability of surety is
    is primary secondary
    RIGHTS AND LIABILITIES OF SURITY
    Rights
    1. When surety pays on default he gets all rights that creditor
    has against principal debtor (PD)
    2. If any security of PD is with the Creditor he is entitled to that
    security
    3. Surety has a right to get back all payments he makes to the
    creditor on behalf of Principal Debtor
    Liabilities
    4. If the Principal Debtor defaults the surety has to make all
    payments guaranteed by him to the Creditor

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