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
×
×