Bases or characteristics of the deposit: Here are the important bases of the deposit: The most important essential of the deposit is the contract. The deposit is always based on the contract. there must be a contract between the lessor and the bailee. However, the contract can be “explicit” or “implied”. There are different types of contracts and the deposit contract must follow the essential elements of a valid contract. The free deposit is a deposit in which neither the bailiff nor the judicial officer are entitled to remuneration. B for example the loan of a book to a friend. Here, goods are delivered to be transported or to be made about them without reward. Article 153 clearly states that the judicial officer may cancel the contract if he has established that the judicial officer has used the property saved unofficially.
Section 160 of the Contracts Act 1872 states that it is the duty of the guarantor to return or deliver the rescued goods without request in accordance with the bailiff`s instructions. The deposit of goods is always carried out for a specific purpose and is subject to the condition according to the instructions of the bailiff. The judicial officer may terminate the contract if he has found that the judicial officer has not fulfilled his duty and that he is entitled to compensate for the losses suffered by the bailiff. The transfer of possession is only temporary, it must be returned or disposed of after the deadline. Even though the terms of the contract are silent on the return, there is an implied contract in a deposit to return the items within a reasonable time after achieving the goal. Like what. The A`s buy a horse for their own riding. He gave his horse B to take care of it. B drives the horse. Now it depends on option A for the termination of the deposit. A deposit that gives the advantage to the bond is only part of this type of deposit.
There will be no profit for the lessor. In Kaliaperumal Pillai v. Visalalakshmi Achi,[4] Judge Varadachariar stated that the provisions of sections 148 and 149 of the Contracts Act, in order to establish a deposit, delivery is required. It is true that delivery may be effected by something that results in the goods being placed in the hands of the intended guarantor; However, since the plaintiff himself withdraws the key from that document, the mere fact of placing the box in a room of the defendant`s home cannot constitute a supply under the provisions of Article 149. Article 163 of the Contracts Act of 1872 stipulates that the judicial officer has the right to demand any increase or profit that may have resulted from the deposit of goods. Considerations, the exchange of something of value, must be present for a deposit to exist. Unlike the consideration required for most contracts, as long as a party renounces something of value, such a measure is considered a good consideration. It is sufficient that the judicial officer suffers the loss of use of the goods by ceding his control to the addressee of the enforcement; The judicial officer has renounced something of value – the immediate right to control the property. The guarantor may also exercise his right to terminate the contract if he has determined that the contract does not meet the conditions set by the parties when concluding the contract.
A person who temporarily delivers his goods to another is called a bailiff, and a person to whom the goods are temporarily delivered is called a bailiff. The transaction between these two parties is called a deposit contract. If the goods are given to the rental employee for the rental, it is the deposit of the rent. For the deposit, it is essential that when the purpose is achieved, the goods must be returned in their original form or in a modified form or disposed of in accordance with the instructions of the judicial officer. Section 150 of the Contracts Act 1872 states that a guarantor is entitled to claim damages from the bailiff if he suffers damages as a result of undisclosed defects in the rescued goods. Three elements are generally necessary for the existence of a deposit: delivery, acceptance and consideration. It is the duty of the bailiff to receive the goods if the judicial officer returns them after having fulfilled the objective of the surety. In everyday language, we can understand deposit as an act in which goods are transferred for a certain period of time. The word bail comes from a French word “bailer”, which means “to deliver”. It essentially changes ownership, not ownership. The Blackstone Dictionary has defined bonding as an escrow agreement that can be explicit or implied.
Section 148 of the Indian Contract Act 1872 defines the word surety. If the purpose of the transfer is achieved, the property must be returned or disposed of in accordance with the instructions. The person who delivers the property is known as the bailor and the one who receives the property is known as the bailee. The deposit is different from the sale. .