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      Question

      What is the Bailment of goods as security for payment of

      a debt or performance of a promise called?ย 
      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".

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