What is bailment?
There was a commotion next door. I could not bear the curiosity to go and have a look at it. There was a heated argument between two people who I knew were friends.
This is the gist of what happened. Ramesh left his car with Rakesh requesting him to take care of it during his absence. When he came back , he could see a dent on the front of the car and the DVD player was different inside the car. When asked Rakesh replied that he had used the car and had met with an accident. He refused to repair the damages. Ramesh swore to go to police and court.
The question is: Whether Ramesh can go to court.
Yes. Ramesh can claim damages. He had given the car for safe keeping. But Rakesh used it and met with some accident and he changed the DVD player without informing Ramesh.
The contract of Bailment says that goods have to be returned safely or can be disposed on the instructions of the bailor.
Bailor - The person who gives the goods.
Bailee: one who receives and takes care of it and gives back or acts on the instructions of giver.
Bailment: Giving/ making delivery of a thing/goods for some purpose.
Is there a Bailor - Bailee relationship in Banking?
There was a commotion next door. I could not bear the curiosity to go and have a look at it. There was a heated argument between two people who I knew were friends.
This is the gist of what happened. Ramesh left his car with Rakesh requesting him to take care of it during his absence. When he came back , he could see a dent on the front of the car and the DVD player was different inside the car. When asked Rakesh replied that he had used the car and had met with an accident. He refused to repair the damages. Ramesh swore to go to police and court.
The question is: Whether Ramesh can go to court.
Yes. Ramesh can claim damages. He had given the car for safe keeping. But Rakesh used it and met with some accident and he changed the DVD player without informing Ramesh.
The contract of Bailment says that goods have to be returned safely or can be disposed on the instructions of the bailor.
Bailor - The person who gives the goods.
Bailee: one who receives and takes care of it and gives back or acts on the instructions of giver.
Bailment: Giving/ making delivery of a thing/goods for some purpose.
Is there a Bailor - Bailee relationship in Banking?
Yes.
1. In Jewel loan: Borrwer is bailor of jewel.Bankers, who are bailees, have to return the jewels back in the same shape and without any loss or damage.
2. When bankers take possession of (securities) the assets of defaulting borrowers, they have the duty to return them after the dues are paid.
1. In Jewel loan: Borrwer is bailor of jewel.Bankers, who are bailees, have to return the jewels back in the same shape and without any loss or damage.
2. When bankers take possession of (securities) the assets of defaulting borrowers, they have the duty to return them after the dues are paid.
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