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      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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