Kevin Moses Paul
08 March 2021
According to Indian Contract Act 1872, bailment is a contractual agreement between the bailor and the bailee that specifies the terms and purpose of such a change in possession.
A bailor is an individual who temporarily relinquishes possession but not ownership of a good or other property under a bailment agreement. The bailor entrusts possession of the good(s) or property to another individual, known as the bailee.
While on the other hand, a bailee is an individual who temporarily gains possession, but not ownership, of a good or other property.
The section 126 of Indian Contract Act, 1872 defines the person known as Surety.
surety is a person giving a guarantee in a contract of guarantee. A person who takes responsibility to pay a sum of money, perform any duty for another person in case that person fails to perform such work.
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Kevin M. Paul
