WHAT IS BAILMENT?

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?

 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. 

CONTRACT-2

CONTRACT-2
1. “Gokul is 17 years old from a rich family. He has got a PAN number which is an ESSENTIAL Id for registration purposes. Nayak proposes an agreement for sale of his flat to Gokul because he likes this flat very much.”
Whether the agreement is valid?
No… not at all. Minors cannot be a party to any agreement. Because, law tells they do not have the maturity of mind. All agreements with minors are invalid only.
2. After two years, again our Nayak called Gokul to his flat. But Gokul refuses to sign the agreement. Nayak’s relatives coerced/forced/bullied Gokul to sign the agreement. 
Whether this is a valid contract? No.
Free consent is a must for any agreement.
3. Mr A became a lunatic/mental: His relatives tried to get his signature in a contract.
Whether it is valid? No.
4. Court has ordered Mr Y ineligible for contracting. He IS forbidden/ stopped to go for any agreement/contract till further orders from court WITH ANY OTHER PARTY.
But Mr G wanted to have an agreement with him because he is an expert in computer operations.
Whether this is valid in the eyes of law? It is an invalid agreement. When court announces ineligibility, such person cannot be a party to any contract.
5. A contract can be oral or written.
In short, contract is an enforceable agreement between 2 or more people. There must be an offer by a proposer and acceptance by the other party. There must be a consideration on the part of all parties. All the parties should willingly give consent to any agreement. Minors, people of unsound mind (mentally ill) and legally forbidden people cannot make any valid agreements. Agreement can be oral or written. One of the exemptions, as far as ‘CONSIDERATION’ is: agreements out of love and affection among close relatives need not have any consideration.

What is a contract? ----1

What is a –CONTRACT?

At last I received that much long awaited sms. I called my brother immediately to share the news ! He is a lawyer.
“Hi, I have got the orders for joining PNB…Gandhipuram branch”
“Congrats…but ...my friend’s sister didn’t receive any orders.” as usual my brother was worried about his friend’s sister.
“I got a sms from the bank.” I exclaimed.
“Fool…sms is information. It is not an order or offer letter.” Instead of appreciating me and guiding me, he shouted at me angrily.
“What is an offer? I don’t know .With this sms shall I go to the branch and join now?” I again asked.
My brother barked “No…you can’t. You have to give ‘yes’ to the appointment to accept the contract. I will explain you .First receive the offer letter. Then talk to me” I think he started to forget his friend’s sister. I also thought what a contract is.
Yes. Bank’s offers of job are also contracts. They give you a salary. In turn you have to do the job.
Contract means agreement. 
An agreement always has minimum two parties or more than that:
1. Proposer/promisor (in this case bank which makes the offer).
2. Promisee (you who accepted the job for a salary)
If I accepted the job without anything in return, can it be an agreement? No, it can’t be a VALID CONTRACT.
There must be some consideration-something in return to each other- in a valid contract.
Contract=Agreement=offer by a proposer + acceptance by another person
Consideration is the binding factor on all sides. It is a must.
Bank offers a job. Consideration is salary.
You say “ok” to it. Accept it. The consideration,  in return on your part, is to do the job perfectly.
Accept it. Enjoy a life full of happiness!