Meaning of Hypothecation Hypothecation refers to a type of security interest in which a debtor pledges movable assets to a creditor as collateral for a […]
Tag: LLB notes
26. Rights of Pawner.
Meaning of Pawner and His Rights A Pawner is the person who delivers goods to another (the Pawnee) as security for payment of a debt […]
25. Caveat Emptor.
Meaning of Caveat Emptor Caveat Emptor is a Latin term meaning “Let the buyer beware.” Under the Indian Contract Act, 1872, it is a fundamental […]
24. Auction Sale.
Meaning of Auction Sale An Auction Sale is a public sale where goods are sold to the highest bidder, usually conducted by an auctioneer. The […]
23. Contract of Guarantee.
Meaning of Contract of Guarantee A Contract of Guarantee is defined under Section 126 of the Indian Contract Act, 1872. It is a contract where […]
22. Reconstitution of Firm.
Meaning of Reconstitution of Firm Reconstitution of a partnership firm takes place when there is a change in the existing agreement among partners without dissolving […]
21. Universal Agent.
Meaning of Universal Agent Under the Indian Contract Act, 1872, an agent is a person employed to do any act for another or to represent […]
20. Pawnor
Meaning of Pawnor Under the Indian Contract Act, 1872, Section 172 defines a pledge as the bailment of goods as security for payment of a […]
19. Finder of Goods
Meaning of Finder of Goods A finder of goods is a person who finds goods belonging to another and takes them into their custody. Under […]
18. Bailment
Meaning of Bailment The concept of bailment is defined under Section 148 of the Indian Contract Act, 1872. Bailment refers to the delivery of goods […]