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As per Section 172 of the Indian Contract Act 1872, the bailment of goods as security for payment of a debt or performance of a promise is called _______.
bailment
finder
agency
pledge
- Section 172 of the Indian Contract Act, 1872, deals with the concept of a pledge.
- Pledge: It involves the bailment of goods as security for payment of a debt or performance of a promise.
- Bailment: A broader term involving the delivery of goods from one person to another for a specific purpose, not necessarily for security.
- Finder: Refers to a person who finds goods that do not belong to them and involves obligations regarding those goods.
- Agency: A relationship where one person (the agent) is authorized to act on behalf of another (the principal).
- Pledge is the correct answer as it corresponds to the provision in Section 172.
By: Rohit Middha ProfileResourcesReport error
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