CONTRACT OF BAILMENT

INTRODUCTION In India, the Indian Contract Act 1872 defines bailment as "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 key elements of a bailment in India are: There must be agreement between parties. Delivery of goods by the bailor to the bailee. The delivery must be for a specific purpose. The goods must be returned or disposed of as per the bailor's directions after the purpose is accomplished. The transaction must involve a contract between the bailor and the bailee. The Indian Contract Act also defines different types of bailments, such as gratuitous bailment (where no compensation is involved), bailment for the benefit of the bailor, and bailment for the benefit of the bailee. These types of bailments have specific rules and obligations that the parties must follow. Basically, the t...