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      Question

      The bailment of goods as security for payment of a debt

      or performance of a promise is called
      A Hypothecation Correct Answer Incorrect Answer
      B Mortgage Correct Answer Incorrect Answer
      C Guarantee Correct Answer Incorrect Answer
      D Pledge Correct Answer Incorrect Answer
      E Indemnity Correct Answer Incorrect Answer

      Solution

      Section 172 in The Indian Contract Act, 1872 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’. —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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