Agreement -between the principal and agent 2. Revocation by the principal : Revocation may be express or implied — There are conditions i In case of continuous agency ii Where an agency has been created for a fixed period of time.
Renunciation of agency by the agent Completion of agency business 2. Expiry of time 3. Death of the principal or the agent 4. Insanity of the principal or the agent 5. Insolvency of the principal 6. Destruction of the subject-matter of the agency 7. Dissolution of a company 8. Principal or agent becomes alien enemy Effectiveness of termination: As between the principal and agent, termination of agency is effective only when it becomes known to the agent.
Irrevocable agency 1. Where the agency is coupled with interest- where the agent has some interest over the subject matter 2. When revocation would cause the agent personal loss 3. When the authority has been partly exercised by the agent. Bailment In which the personal property of one person, temporarily, goes into the possession of another person for some specific purpose.
Ownership with : one person who delivers Possession with: another person who receives for a purpose So, change of possession only Essential features: 1. The delivery of movable goods by one person to another person. Delivery may be of two types: a. Actual delivery: Handing over physical possession of the goods b.
The delivery should be for some purpose Not necessary that the purpose should be expressly stated 3. The delivery should be on the basis of some contract. The contract may be express or implied The bailment may also arise sometimes even without a contract Finder of the goods The delivery should be upon a condition to return — Goods may be returned in its original form or in its altered form Note: The bailment can be made only of movable goods.
Bailment on the basis of rewards 2. Bailment on the basis of benefits Bailment on the basis of rewards: a. Gratuitous bailment : Bailment without any charges or reward b. Non-gratuitous bailment: bailment for reward 2. Bailment on the basis of benefits: a. Bailment for the exclusive benefit of the bailor b. Bailment for the exclusive benefit of the bailee c.
Bailment for the mutual benefit of both bailor and bailee Duties of a bailee 1. Duty not to make unauthorised use of goods entrusted to him. Duty not to mix goods bailed with his own goods a. Duty to return the goods 5.
Duty to deliver any accretion to the goods Duties of a bailor 1. Duty to disclose faults in the goods bailed a. Duty of a gratuitous bailor : known and which are material — Otherwise liable for damages b. Duty of a non-gratuitous bailor: see that reasonably safe — liable whether known or not known 2. Duty to repay necessary expenses in case of gratuitous bailment 3. Duty to repay any extraordinary expenses in case of non- gratuitous bailment Duty to receive back the goods Rights of a bailee 1.
Right to deliver goods in good faith to bailor without title 4. Right of lien : Right to retain the possession until charges are paid — Two types: Particular and General Bailee loses the lien, if possession is lost f Must not be any contract to contrary.
Factors: An agent entrusted with the possession of goods for the purpose of selling on behalf of his principal. If goods are delivered for some other purpose, no GL Wharfingers: A person who owns or keeps a wharf. Wharf: Place, adjoining to water, used for loading and unloading goods from ships — not to store Attorneys solicitor of a HC : A person who acts legally for another — lien on all the papers and documents of the client provided they are delivered in professional capacity Policy brokers: They can retain the policy of fire or marine insurance for their brokerage.
Right to terminate the bailment if the bailee uses the goods wrongfully 3. Right to demand return of goods at any time in case of gratuitous bailment Termination of bailment 1.
Expiry of the specified period 2. Achievement of the object 3. Inconsistent use of goods 4. Death of the bailor or bailee 5. Termination by a bailor Finder of goods: A person who finds the goods belonging to some other person and takes them in his position. A person finding goods not bound to take — but if picks up and takes its possession, he becomes bailee Duties: 1. Duty to find the true owner 2. Duty to take reasonable care of the goods as a bailee Rights: 1. Right to retain possession of the goods until the true owner is found 2.
Right to lien over the goods for expenses 3. Right to sue for reward 4. Right of sale: a When the thing is in danger of perishing b When the lawful charges amount to two-third of its value The bailor in this case is called the pawnor pledger. Essential features of a valid pledge 1. Delivery of possession 2. Delivery should be upon a contract 3. Delivery should be for the purpose of security 4. Delivery should be upon a condition to return 5. Only of movable goods As to purpose 2.
As to right to sale 3. As to right of using the goods. Duties of a pawnor similar to bailor Additional 1. To meet his obligation on stipulated date and comply with terms of the contract Duty to repay the loan 2. To compensate the pawnee for any extraordinary expenses incurred by him Duty to pay expenses in case of default Duties of a pawnee similar to bailee 1.
To take reasonable care of the goods pledged 2. Duty not to make any unauthorised use of the goods pledged 3. Not to mix the goods pledged with his own goods 4. Not to do any act in violation of the terms of the contract 5. How To Eat Clean Cheap. You may also visit my site Which is about Download Aplikasi Togel 4. There is growing evidence that people infected with COVID can transmit the virus to others before symptoms Develop known as pre-symptomatic transmission.
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You have beautifully articulated it. Readers revisit only if they found something useful. Distinction between Bailment and Agency : No. Meaning :. Definition :. Voluntarily Change of possession from one person to another is called contract of bailment. Example :. In bailment, the Bailee does not represent the Bailor. He does not derive any authority from the Bailor. The agent represents his principal, and derives certain power from his principal.
In Bailment, A Bailee cannot sell the property under bailment. In Agency,an agent can sell the property. A Bailee cannot transfer the ownership of the property. An agent can transfer the ownership of the property. A Bailee must have possession of the property.
An agent may or may not have possession of the property. Share to Twitter Share to Facebook. Labels: Law of Contracts. Unknown 29 October at David Millar 18 April at Walkeaz 17 May at Anonymous 12 June at Measure content performance. Develop and improve products. List of Partners vendors.
The term bailment refers to a legal relationship between two parties in common law , where assets or property are transferred from a bailor to a bailee. In this relationship, the bailor transfers physical possession of a piece of personal property to the bailee for a certain period of time but retains ownership.
There are three different types of bailment, which benefit the bailor, bailee, or both. Bailments are common in our everyday lives, including in the relationships we have with our banks. Bailments are also common in finance, where the owner of securities transfers them to another party for short selling.
Since they are contractual agreements, failure to live up to the terms and conditions of a bailment can lead to legal disputes. A bailment is an agreement in common law that comes into effect when someone entrusts an asset to someone else for safekeeping.
As previously noted, the bailor is the owner of the asset and temporarily relinquishes it to the bailee. Although the bailor gives possession to the bailee, the bailor retains legal ownership of the asset. Bailments only start once the property is in the hands of the bailee. The bailor is generally not entitled to use the property while the bailee holds it.
Leaving your car with a valet is a common form of bailment, while parking in an unattended garage is a lease or the license of a parking space, as the garage cannot show intent to possess the car. Bailment is distinct from leasing, where ownership remains with the lessor but the lessee is allowed to use the property. Bailments are legal courses of action independent of contract or tort. To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel.
The bailor typically receives a written contract, a receipt, or a chit, which is what you get when you drop your coat off at a coat check. By taking possession of the property, the bailee agrees to guard it using reasonable care. Legal disputes can arise if anything happens to the asset while in the bailee's possession. As mentioned above, bailments also take place in finance.
Bailors have the option to legitimately transfer their securities , such as shares of stock, to others to conduct short sales.
The short seller borrows shares on margin to sell them even though the short seller does not own those borrowed shares. Other financial applications for bailment include:. There are three different types of bailments—those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee.
We've outlined some of the most important details about each below. This type of bailment is referred to as a service agreement bailment. For instance, parking your car in a paid parking lot benefits both parties because the bailor is able to park their car in a secure lot while the lot owner is paid for the service. In service bailments, a bailee is liable for any damage that results to the bailed items if they are negligent in their duties. This is referred to as a gratuitous free bailment.
Free valet service would be an example of this because the valet service in this case, the bailee doesn't receive compensation for parking your car. A bailee can face liability for damaging the bailed items if they are grossly negligent or act in bad faith while safeguarding the asset. These bailments are called constructive bailments.
Checking a book out of the library is a common example. When you check the book out, you become the bailee while the library is the bailor, who gets no benefit from the relationship. It does, however still expect that you return the book at the end of the rental period. In this type of bailout, the bailee faces liability for basically any damage to the bailed item.
This is the highest standard of care required out of the three categories. Bailments come with certain rights for both parties. Bailors can expect that bailees will take care of their assets to the best of their ability using the most reasonable amount of caution.
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