Bailment

What do you understand by the term Consideration? Discuss the exceptions to the rule “No consideration no contract.”

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Understanding Consideration and Its Exceptions to the Rule

Consideration can be defined as the value that one party offers in exchange for the promise of another party. A contract is deemed legally binding only when both parties are obligated to provide something of value to each other. This value exchanged is referred to as consideration, and it must be lawful to be recognized … Read more

Bailment and Pledge

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Bailment and Pledge

When the owner of goods (the bailor) gives them to another party (the bailee) for a specific purpose, with the understanding that the goods will be returned or otherwise disposed of once the purpose has been completed, this is referred to as Bailment. As security for a debt or obligation, the bailor (the pledgor) delivers … Read more