New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following are the essential elements in a

    contract of pledge?
    A Delivery of the goods must be for some specific purpose Correct Answer Incorrect Answer
    B Delivery of possession of the goods for the repayment of a debt or the performance of a promise Correct Answer Incorrect Answer
    C Both a & b Correct Answer Incorrect Answer
    D Either a or b Correct Answer Incorrect Answer

    Solution

    172. ‘Pledge’, ‘pawnor’ and ‘pawnee’ defined—The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’. The bailor is in this case called the ‘pawnor’. The bailee is called ‘pawnee’.

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