Made by:- Prof. Kirandeep Kaur
Topics to be covered
quasi contracts indemnity & guarantee bailment and pledge
are not contracts. These realations are called quasi. Such cases. but the law recognizes them as certain relations resembling those created by contracts. though none was present in fact.Quasi contract
Meaning :in certain cases the law imposes an obligation and allows an action to be brought on it as if it arose out of an agreement . strictly speaking.contracts
Types of quasi contracts (sec 68 to 72)
1) Supply of necessaries 2)Payment by an interested person 3) Obligation to pay for non-gratuitous acts 4) responsibility of finder of goods 5) Mistake
or by the conduct of any other person.Contract of indemnity
Meaning :a contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself. indemnifier -The person who promisesindemnified The person to whom the promise is made
. is called a contract of indemnity.
or discharge the liability. And the third party is called the principal debtor
. The person who gives the guarantee is called the surety and the person to whom the guarantee is given is called the creditor. of a third person in case of his default.Contract of guarantee
Meaning :a contract of guarantee is a contract to perform the promise.
Oral or written guarantee
. Essentials of a valid contract.Essential features of guarantee
1) 2) 3) 4) Concurrence (unity) Primary liability in some person.
Kinds of guarantee
Following types:a) specific guarantee b) continuing guarantee
Rights of surety
A surety has the rights against :a) the creditor b) the principal debtor c) the co-sureties
Rights against the creditor: Before the payment of the guaranteed debt Right to equities Rights against the principal debtor:1) Right to be relieved of liability 2) Right to indemnity
Right against the co-sureties:1)co-sureties liable to contribute equally 2) Liability of co-sureties bound in different sums 3)Release of a co-surety
loss of security) 3) By invalidation of the contract:(misrepresentation. by notice) 2) By the conduct of the creditor:(variance in terms of contract. discharge of the principal debtor.Discharge of the surety
1) By revocation:( by death. failure of consideration)
when the purpose is accomplished. that they shall .Bailment
Meaning:a bailment is the delivery of goods by one person to another for some purpose. upon a contract.the person to whom they are delivered
.the person delivering the goods Bailee. be returned or otherwise disposed off according to the directions of the person delivering them. Bailor.
Essentials of bailment
contract Delivery of possession Return of the specific goods
Duties of bailor and bailee
Duties of bailor:1)to take care of the goods bailed 2)not to make any unauthorized use of the goods 3)not to mix the goods bailed with his own goods 4)to return the goods
.Duties of the bailor:1) to disclose the known facts 2) to meet the high expenses of bailment 3) to receive back the goods LIEN:.it means the right of the person to retain the possession of the goods of another until some debt or claim of the person in possession is settled.
.Termination of bailment
A contract of bailment is terminated:1) on the expiry of the period 2) on the achievement of the object 3) on the inconsistent use of the goods bailed.
Meaning :the bailment of goods as security for payment of a debt or performance of a promise is called a pledge Pledger the balior is the pledger Pledgee the bailee is the pledgee
Rights of the pledger
1) 2) 3) 4) Right to get back goods Right to redeem the debts Preservation of the goods Rights of an ordinary debtor
Rights of the pledgee
1) Right of retainer 2) Right to extra ordinary expenses 3) Right against the true owner