New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    How is "bailment" defined under the Indian Contract Act?

    A Bailment is the delivery of goods by one person to another for a specific purpose, with the agreement that the goods will be returned or disposed of according to the directions of the person delivering them Correct Answer Incorrect Answer
    B Bailment is the sale of goods by one person to another with the intention of transferring ownership Correct Answer Incorrect Answer
    C Bailment is the temporary transfer of goods for a fee, where the goods are not returned to the original owner Correct Answer Incorrect Answer
    D Bailment is the lending of goods to a person without any formal agreement or contract Correct Answer Incorrect Answer
    E Bailment is the permanent transfer of goods from one person to another for a fixed period Correct Answer Incorrect Answer

    Solution

    Section 148.“Bailment”“bailor” and “bailee” defined.—A “bailment” is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the “bailor”. The person to whom they are delivered is called, the “bailee”.

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