Bailment | Pledge | Principal & Agent | Indian Contract Act ,1872 | Maskmoonji | In Tamil

Bailment | Pledge | Principal & Agent | Indian Contract Act ,1872 | Maskmoonji | In Tamil

Hello everyone, In this video we are going to explain the concept of Bailment, Pledge , Principal and Agent under Indian Contract ACT,1872.

Contract of Bailment:
Bailment is defined in Section 148 of the Indian Contract Act, 1872 as, “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 who delivers the goods is called the ‘Bailor’ and the person who receives the goods for the specific purpose is called the ‘Bailee’. It is a special type of contract which is covered under Chapter IX(Sections 148-171) of the Indian Contract Act, 1872.

Contract of pledge:
Contract of pledge is a subset of a contract of bailment. Here, the goods bailed are kept as a security for a debt or a performance of a promise. Pledge is defined in Section 172 of the Indian Contract Act,1872 as “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’.” It is covered under Chapter IX (Section 172- Section 181) of the Indian Contract Act, 1872.

When one party delegates some authority to another party whereby the latter performs his actions in a more or less independent fashion, on behalf of the first party, the relationship between them is called an agency. Agency can be express or implied. Chapter X of the Indian Contract Act, 1872 deals with the laws relating to Agency. It is important to know the law relating to agency because nearly all business transactions worldwide are carried out through agency. All corporations, big or small, carry their work out through agency. Therefore, laws relating to the agency are an important area of Business Law. Relationships relating to principal and agent involve three main parties: The Principal, the Agent, and a Third Party.

Who is an Agent?
The Indian Contract Act, 1872 defines an ‘Agent’ in Section 182 as a person employed to do any act for another or to represent another in dealing with third persons.

Who is a Principal?
According to Section 182, The person for whom such act is done, or who is so represented, is called the “principal”. Therefore, the person who has delegated his authority will be the principal.

We hope this video is useful for all of you.
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