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LEGAL AND REGULATORY ASPECTS OF BANKING (LRAB)
Unit - 43: Contact of Bailment
Legal & Regulatory Aspects of Banking -
Unit - 43 : Contract of Bailment
Contract means an agreement enforceable by law. There must be lawful proposal by one party and the other party must accept the proposal to enter into a contract.
A Contract of Bailment is a contract to deliver goods by one person to another for some purpose .
When the purpose is accomplished , the goods are to be returned or otherwise disposed of according to the direction of the person delivering them .
A bailment is not the same as the sale which is an intentional transfer of ownership of personal property in exchange of something of value .
A bailment involves only a transfer of possession of custody and not of ownership.
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