MANAGEMENT as a Career

http://www.greaterkashmir.com/news/2013/Jul/29/management-as-a-career-15.asp

http://www.greaterkashmir.com/news/2013/Jul/26/sahar-khawan-waking-up-people-16.asp

KashForum, Valley based first Online Study Site

kashforum.bugs3.com/index.php?/topic/3141-how-is-the-value-of-currency-determined/#entry4033

Rights and Duties of Bailor

DUTIES or RESPONSIBILITIES or LIABILITIES
of the BAILOR :-
Following are the important duties and
liabilities of the bailor :
1. Explain the Defect :-
It is the basic duty of the bailor that he should
disclose all the defects of the goods before
delivering to bailee. If the bailor does not
disclose then he himself will be responsible for
loss.
Example :- Mr. Wands hires a car from Mr.
Zane. Car is defective. Mr. Zane does not
disclose facts that car is defective. Mr. Wands
drives a car and he is injured. Mr. Zane is
responsible to Mr. Wands for damage.
2. Warning to the Bailee :-
If a bailor feels that bailee is showing
carelessness and goods are in danger. He
should give warning to the bailee.
3. Payment of Necessary Expenses :-
It is the duty of the bailor that he should also
pay necessary expenses sustained by the bailee
connection with the bailment.
4. To Indemnify The Bailee :-
It is the duty of the bailor that he should
compensate the loss of bailed which he has
suffered due any one of the following reasons :
a. The bailor was not entitled to make the
bailment.
b. The bailor was not entitled to give direction
in this respect.
c. The bailor was not entitled to receive back
the goods.
IMPORTANT RIGHTS OF BAILOR :-
Following are the important rights of bailor :
1. Right of Return :-
As the purpose of bailment completes bailor
has a right to take back the goods bailed. If
bailee fails to return then bailor has a right to
claim for compensation.
2. Return Before Time :-
With the consent of the bailee the bailor may
return his goods before the specified period.
3. Right of Termination :-
The contract of the bailment can be terminated
by the bailor if the goods bailed are misused
or against the conditions of the contract.
4. Right of Profit :-
The bailor has right to get profit from the
goods bailed according the conditions of the
contract.
5. Gratuitous Good Right Of Return :-
In case of gratuitous bailment the bailor has a
right to terminate the contract at any time. If
bailee cause a loss it may be compensated to
the bailor.

Essentials of a Bailment

1. There should be a contract:

A bailment is based on a contract, i.e., it is
created by a contract. The contract of bailment
may be express or implied. In some cases e.g.,
in case of finder of goods, a contract of
bailment can be implied by law.

2. Delivery of goods by one person to
another:

In bailment, there must be delivery of goods
by one person to another. However, the word,
'delivery' is very wide. It may be actual or
constructive.
It should be noted that in bailment, only
possession of the goods passes from one
person to another. Possession means control
of goods to the exclusion of others. Mere
custody of goods as against possession is not
sufficient. For example, a master while giving
his goods to his servant retains the possession
with him and parts only with the custody of
the goods.
Thus to create bailment, there must be delivery
of goods.

Examples:

(1) A delivers his watch to a watch-maker for
repair.

(2) A lady handed over her old jewellery to a
jeweler for melting and making it into a new
one. Every evening, she used to collect the
half-made jewellery and put in into a box kept
in the shop of the jeweler. She used to keep
the key of the box with her.
One day the box was stolen. Held, the jeweler
was not liable as the jeweler had re-delivered
the jewellery to the lady and as such, the
jeweler could not any more be regarded as a
bailee. The lady must bear the loss herself.
[Kaliaperumal Pillai v. Visolakshmi]
It should be noted that in bailment, only the
possession of the goods is transferred not the
ownership. Again, only movable goods can be
bailed as immovable goods cannot be
delivered.

3. The goods are delivered for certain
purpose:

The purpose may vary from safe-keeping or
safe custody to repairing or changing the form
of the goods.

Examples:

(1) A leaves his suit-case with a Railway Cloak
Room for safe custody.

(2) A gives his watch for repair to a watch-
maker.

(3) A gives a piece of cloth to a tailor for
stitching it into a shirt.

4. The same goods must be returned:

For a transaction of bailment, it is necessary
that the same goods must be returned.
Where money is deposited in a savings bank
account or any other account, it is not a
transaction of bailment because the bank is
not going to return the same currency notes
but will return only an equivalent amount.
However, where money or valuables are kept
in safe custody, it will amount to a transaction
of bailment as these will be returned in specie.
It should be noted that return of goods in
specie does not mean that their form cannot
change.

For example, old ornaments can be
changed into new one. A piece of cloth can be
stitched into a shirt.

Consideration is not necessary in case of
Contract of Bailment :

In case of bailment for mutual benefit of the
bailor and bailee, consideration is there for
both the parties e.g., A gives his watch for
repair to B for Rs. 10. For A, consideration is
repair of his watch and for B, consideration is
Rs. 10. However, in case of bailment either for
the benefit of the bailor or bailee alone,
consideration in the form of something in
return is not there. In such cases the
detriment suffered by the bailor in parting
with the possession of goods is considered as a
sufficient consideration to support the promise
on the part of the bailee to return the goods.

Bailment

Bailment describes a legal relationship in
common law where physical possession of
personal property, or a chattel, is transferred
from one person (the 'bailor') to another
person (the 'bailee') who subsequently has
possession of the property. It arises when a
person gives property to someone else for
safekeeping, and is a cause of action
independent of contract or tort.
General
Bailment is distinguished from a contract of
sale or a gift of property, as it only involves
the transfer of possession and not its
ownership . To create a bailment, the bailee
must both intend to possess, and actually
physically possess, the bailable chattel.
Bailment is a typical common law concept
although similar concepts exists in civil law
(Spain- Depósito).
In addition, unlike a lease or rental, where
ownership remains with the lessor but the
lessee is allowed to use the property, the
bailee is generally not entitled to the use of
the property while it is in his possession.
A common example of bailment is leaving your
car with a valet . Leaving your car in a parking
garage is typically a license , as the car park's
intent to possess your car cannot be shown.
However, it arises in many other situations,
including terminated leases of property,
warehousing (including store-it-yourself) or in
carriage of goods.

Welcome to Valley-based first multi-oriented community Portal

Good News for BBA students!

You can study notes, remain in touch with The current business happenings around the word and discuss and ask academic and professional questions on Valley-based first Multi-oriented Learning and Community Portal.

Join www.kashforum.bugs3.com