Multiple Choice Questions on X transfers possession or custody of the farmland to his son S S shall pay rent or a lease fee in re........... for Judicial Services (Master) Preparation

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Multiple Choice Questions

X transfers possession or custody of the farmland to his son S S shall pay rent or a lease fee in re...........

Indian Contract Act (ICA)1872 Pledge and Bailment
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    X transfers possession or custody of the farmland to his son, S. S shall pay rent or a lease fee in return. S only receives custody and control of the property, but X still owns  it. X is thus responsible for paying the property taxes and is liable for what happens on the land. This kind of contract or arrangement is called:

    Guarantee

    Incorrect Answer

    Bailment

    Correct Answer

    Pledge

    Incorrect Answer

    Set off

    Incorrect Answer
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    Explanation:

    - Option 1: Guarantee

    - A promise made by one party to pay or fulfill an obligation if another party fails to do so.

    - Option 2: Bailment

    - The transfer of possession but not ownership of personal property under an agreement.

    - Involves custody and control while the owner retains ownership rights.

    - Your answer matches this definition.

    - Option 3: Pledge

    - The act of providing an asset as a security interest to secure a debt or obligation.

    - Option 4: Set off

    - The balancing of mutual debts between two parties to determine a net payable amount.

    By: santosh
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