BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Easement Contract
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Mortgage
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Quitclaim Deed
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Warranty Deed
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Detailed explanation-1: -The person to whom they are delivered is called the “bailee”. Example: Where ‘X’ delivers his car for repair to ‘Y’, ‘X’ is the bailor and ‘Y’ is the bailee. Example: X delivers a piece of cloth to Y, a tailor, to be stitched into a suit. It is contract for bailment.
Detailed explanation-2: -There are three types of bailments-those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee.
Detailed explanation-3: -The distinction between Bailment and agency is that the term bailment is derived from the French word ‘Bailor’, which means ‘to deliver’ whereas when a person appoints another to act on his behalf with a third party, it is called ‘Agency’.
Detailed explanation-4: –A ‘bailment’ is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.