Law of Contracts - II (Bailment, Pledge, Agency, etc.)
Written by Hanumant's Law Journal
Tuesday, 08 September 2009 01:31 - Last Updated Thursday, 29 April 2010 14:40
Law of Contracts - II (Indemnity, Guarantee, Bailment, Pledge, Agency, and Partnership
Act)
Q. 1 Define a contract of Indemnity. What are the essential elements of a contract of
Indemnity? What are the rights of Indemnity holder?
Q. 2 Define a contract of guarantee. What are the rights of surety? When is surety discharged
of guarantee? What is a continuing guarantee and what are its modes of revokation?
Distinguish between Guarantee and Indemnity with Illustrations.
Q. 3 Define Bailment. What are the rights, duties, and liabilities of a bailee? When is he not
responsible for loss, destruction, or deterioration of the things bailed? What are the various
kinds of lien held by the bailee. Explain the rights of finder of goods.
Q. 4 What is pledge? What are the essentials of pledge. Can a pledge be made by a person
who is not the owner of goods? What is the difference between bailment and pledge? Explain
Pawner's right to redeem.
Q. 5 Define partnership. Is sharing of profit conclusive proof of partnership? Explain "partners
are agents of each other". What are the mutual rights and liabilities of the partnenrs? What are
the liabilities of the partners after dissolution? Retirement of a partner. Can minor be admitted
to the benefits of partnership? If yes, what are the rights and liabilities of such a minor after
attaining majority? What is implied authority of a partner? Can it be restricted? Can a partner
be expelled? If so, when? Is the registration of a partnership firm compulsary? What are the
consequences of non-registration? What is the procedure for registration? Can a partner of an
unregistered firm bring a suit against a third party to release the property of the dissolved firm?
Explain various modes of dissolution of the Firm.
Q. 6 Define Agency. Is a notice to agent notice to principal? Explain vicarious liability of the
principal. What are the various ways an agency can be created? Describe the rights and duties
of an agent towards his principal. An agent cannot delegate his auhority. Explain. Describe
modes of termination. What are theeffects of termination?
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