Preview

Tax and Legal Aspects of Business

Powerful Essays
Open Document
Open Document
4526 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Tax and Legal Aspects of Business
The Tax & Legal Aspects of Business
Project on Legal Aspects Of Business

Name :Rimoni Mehta
Roll No. :84
M.M.S :Batch “B” Part I Bailment & Pledge
Bailment - Bailment is another type of special contract. Since it is a ‘contract’, naturally all basic requirements of contract are applicable. - - Bailment means act of delivering goods for a specified purpose on trust. The goods are to be returned after the purpose is over. In bailment, possession of goods is transferred, but property i.e. ownership is not transferred. 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 delivering the goods is called the “bailor”. The person to whom they are delivered is called the “bailee”. Explanation : If a person already in possession of the goods of another, contracts to hold them as a bailee, he thereby becomes the bailee, and owner becomes the bailor, of such goods, although they may not have been delivered by way of bailment. [section 148].

Essentials and Legal Rules as to Bailment: Contract: A bailment is usually created by agreement b/w the bailer & bailee Delivery of Goods: In bailment, the possession of goods must be delivered by the bailer to the bailee.

No Transfer of Ownership: In bailment, possession is transferred from one person to another but ownership of goods remains with the bailer. Delivery of Goods for Some Purpose: The delivery of goods must be for some specific performance. Return of Specific Goods: Goods are delivered to the bailee with the condition that the same goods will be returned to the bailer after the accomplishment of purpose. Movable Goods: In bailment, the goods bailed must be movable. Deposit of Money Into Bank – It is Bailment: Deposit of money into bank by a

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Accounting

    • 501 Words
    • 3 Pages

    The conveyance of a noncash financial asset by and to someone other than the issuer of that financial asset. A transfer includes the following: selling a receivable, putting a receivable into securitization trust, and posting a receivable as collateral. A transfer excludes the following: the origination of the receivable, settlement of a receivable, and the restructuring of a receivable into a security in a troubled debt restructuring.…

    • 501 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    item is delivered to the customer (provided there are still items to be delivered). The first…

    • 2081 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    Ups Case

    • 299 Words
    • 2 Pages

    2. Item shipped (e.g. documents, electronics, food, furniture, etc); whether or not item is fragile or potentially dangerous.…

    • 299 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The term Bailment is derived from the French Bailor, "to deliver". A bailment is a temporary transfer of property to another for a limited time and for a specific purpose. The transfer of property in a bailment is only in regards to possession, not ownership. The bailor is the owner of the transferred property. The bailee holds the transferred property. The property is held in trust for the benefit of the bailor. A bailment is completely different from a bail bond.…

    • 691 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    Tender of delivery by Seller: To be in a position to bring suit on a sales contract, the seller of goods must make tender of delivery, that is, offer to turn the goods over to the buyer. Failure to make this offer is an excuse for buyers not to perform their part of the bargain. The seller must put and hold the goods at the buyer’s disposition and notify the buyer that the goods are being tendered during reasonable hours and for a reasonable period of time. In a shipment contract, the seller must put the goods in the possession of a carrier and contract with that carrier for their transportation. Any necessary documents must be sent to the buyer, who must be promptly notified of the shipment. If the seller does not make a reasonable contract for delivery or notify the buyer and a material delay or loss results, the buyer has the right to reject the shipment. Suppose the goods are perishable, such as fresh produce, and the seller does not ship them in a refrigerated truck or…

    • 1805 Words
    • 8 Pages
    Better Essays
  • Powerful Essays

    Fast Fit Case

    • 2269 Words
    • 10 Pages

    11. Supplier sends information about the goods that have been shipped to the warehouse and how much money is owed for the goods.…

    • 2269 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Missing Movement

    • 767 Words
    • 4 Pages

    (1) That the accused was required in the course of duty to move with a ship, aircraft or unit;…

    • 767 Words
    • 4 Pages
    Good Essays
  • Better Essays

    This occurs when a person obtains possession of the goods or money in legal, proper…

    • 1930 Words
    • 8 Pages
    Better Essays
  • Good Essays

    Delivery. Delivery occurs when a product is shipped and the risk of loss and rewards of ownership have been transferred to the customer.…

    • 823 Words
    • 4 Pages
    Good Essays
  • Good Essays

    * Consignment – 1.(adjective) of, pertaining to, or shipped as goods on consignment. 2. (verb) to hand over or deliver formally or officially; commit…

    • 684 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Tangible Property Rights

    • 845 Words
    • 4 Pages

    Cheeseman, H. R. (2010). Personal property and bailment [University of Phoenix Custom Edition eBook]. : Pearson education. Retrieved from University of Phoenix, LAW/531 website.…

    • 845 Words
    • 4 Pages
    Better Essays
  • Good Essays

    4. Payment for the Goods will be made to the Seller when the Purchaser is notified that the Goods have been delivered by the Seller to a carrier for shipment to the Purchaser or, in the alternative, when any document of title or registrable…

    • 1336 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Laws Affect Business

    • 2382 Words
    • 10 Pages

    In the present world business plays an important role in every sphere of life. Business determines one’s life style, standard of living, education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Study of business will help us to understand that today national economies are no more independent entities rather interdependent and taking an uniform global shape, economic depression in U.S.A. has an impact on the whole world, business and global warming are not different issues, war in Iraq or Afghanistan has some kind of link with business, China becoming a factor in the world economy because of excellent business skill and the system known as “Free Enterprise”. However the road to success will be easier for those who understand how business works.…

    • 2382 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Ucta Law Essay

    • 951 Words
    • 4 Pages

    (c) in the case of a contract governed by the law of sale of goods or hire-purchase, or by section 7 of this Act, the goods passing under or in pursuance of the contract are of a type ordinarily supplied for private use or consumption.…

    • 951 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Innkeepers Act

    • 948 Words
    • 4 Pages

    (b) when the property, other than a vehicle, has been expressly delivered for safe custody to the innkeeper, but the innkeeper may, if he thinks fit, require as a condition of his liability under this clause that the property be deposited in a box or other receptacle and fastened and…

    • 948 Words
    • 4 Pages
    Good Essays

Related Topics