New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    What is the Bailment of goods as security for payment of

    a debt or performance of a promise called? 
    A Pledge Correct Answer Incorrect Answer
    B Bailment Correct Answer Incorrect Answer
    C Agreement Correct Answer Incorrect Answer
    D Contingent contract Correct Answer Incorrect Answer

    Solution

    Contract Act Section 172 - 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".

    Practice Next