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

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

Bailment

Pledge

Set off

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Explanation:

- Bailment: This occurs when the possession or custody of property is transferred temporarily from one person to another. The ownership remains with the original owner. This is your answer, and it is correct.

- Guarantee: This is a promise or assurance, typically to pay another's debt or perform an obligation if the original party fails to do so. It involves securing the performance of a contract.

- Pledge: This refers to pawning or delivering goods to a lender as security for a debt. Ownership rights are retained by the owner but the goods serve as collateral.

- Set off: This is a legal process that allows the adjustment of debts between parties, usually between a debtor and creditor, by setting off mutual debts. It doesn’t involve property transfer.