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    Subject Name: Business Law Department of Management Created By: Ms. Anubhuti Saxena

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    The document discusses the Indian Contract Act of 1872 and focuses on the topics of pledges, bailments, and liens. It defines a pledge as the bailment of goods as security for payment of a debt or performance of a promise. The key differences between a pledge and bailment are that a pledgee has the right to sell pledged goods upon default, while a bailee cannot sell bailed goods. It also explains the types of liens as particular liens, which apply to specific goods, and general liens, which apply to any goods.

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    Subject Name: Business Law Department of Management Created By: Ms. Anubhuti Saxena

    Uploaded by

    njhuyfytrdt
    4 views8 pages
    The document discusses the Indian Contract Act of 1872 and focuses on the topics of pledges, bailments, and liens. It defines a pledge as the bailment of goods as security for payment of a debt or performance of a promise. The key differences between a pledge and bailment are that a pledgee has the right to sell pledged goods upon default, while a bailee cannot sell bailed goods. It also explains the types of liens as particular liens, which apply to specific goods, and general liens, which apply to any goods.

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    ACCEPTANCE 4.pptx

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    The document discusses the Indian Contract Act of 1872 and focuses on the topics of pledges, bailments, and liens. It defines a pledge as the bailment of goods as security for payment of a debt or performance of a promise. The key differences between a pledge and bailment are that a pledgee has the right to sell pledged goods upon default, while a bailee cannot sell bailed goods. It also explains the types of liens as particular liens, which apply to specific goods, and general liens, which apply to any goods.

    Copyright:

    © All Rights Reserved
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    4 views8 pages

    Subject Name: Business Law Department of Management Created By: Ms. Anubhuti Saxena

    Uploaded by

    njhuyfytrdt
    The document discusses the Indian Contract Act of 1872 and focuses on the topics of pledges, bailments, and liens. It defines a pledge as the bailment of goods as security for payment of a debt or performance of a promise. The key differences between a pledge and bailment are that a pledgee has the right to sell pledged goods upon default, while a bailee cannot sell bailed goods. It also explains the types of liens as particular liens, which apply to specific goods, and general liens, which apply to any goods.

    Copyright:

    © All Rights Reserved
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    Subject Name : Business Law

    Department of Management
    Created By: Ms. Anubhuti Saxena

    JIMS Engineering Management Technical Campus (JEMTEC)


    48/4, Knowledge Park III, Greater Noida
    Subject: BUSINESS LAW
    Topic: INDIAN CONTRACT ACT, 1872
    ▰

    SPECIAL CONTRACTS
    PLEDGE
    Pledge
    ▰ Sec.172 of Contract Act defines pledge or, pawn as-
    The bailment of goods as security for payment of a
    debt or, performance of a promise is called a Pledge

    ▰ The bailor here is called the Pledger or, Pawnor

    ▰ The bailee is called the Pawnee or ,Pledgee


    Pledge and Bailment

    Similarities:

    1. Both are created by contract between the parties

    2.Both involve transfer of Possession

    3.Only movable property can be the subject matter

    4.The same goods are to be returned after the fulfillment of the purpose of the

    contract

     
    Differences

    ▰ 1.Purpose: Bailment may be for any kind of purpose, for eg.-


    repair, reward, safe-custody etc While, pledge is made for a
    specific purpose of providing security against loan
    ▰ 2.Right to use the goods: In bailment, a bailee may have the
    right to use the goods if the terms of the bailment so provide.
    However, in pledge, a pledgee does not have any right to use the
    goods
    ▰ 3.Right to sell the goods: In pledge, pledgee has the right to sell
    the goods in case of any default by giving a prior notice of sale
    to the pledger but, in bailment he can retain the goods or , can
    file a suit against the bailor BUT CANNOT SELL
    Lien
    Lien means the right of a person having possession of goods belonging
    to another to retain those goods until satisfaction of sum claimed by the
    person in possession of the goods
    Characteristics of Lien-
    Right of lien arises from law not from contract
    Possession is essential for exercising lien
    Right of lien is a right to possess something ,not to sell it
    Lien terminates when the bailee’s demands are met

    Types of lien-
    Particular lien
    General lien
    ▰ Particular lien gives right to retain only such goods in
    respect of which charges due remain unpaid. It can
    be exercised by finder of
    goods,bailees,pawnees,agents

    ▰ whereas, general lien gives right to retain any goods


    belonging to another person for any amount due from
    him. General lien is a privilege and it is available to
    certain people only as per law-BANKERS,ATTORNIES OF
    HIGH COURT,INSURANCE BROKERS, OTHERS WHO
    GIVE SUCH RIGHTS BY A WRITTEN CONTRACT

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