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Questions and Answers
What is the primary function of a bank according to the text?
What is the primary function of a bank according to the text?
- Earning fee based income (correct)
- Safe custody of valuables
- Conversion of goods
- Trustee or agent services
What is the relationship between a customer and a bank when goods are given for safe keeping?
What is the relationship between a customer and a bank when goods are given for safe keeping?
- Agent and principal
- Depositor and trustee
- Bailor and bailee (correct)
- Trustee and beneficiary
What legal term is used to define the delivery of goods by one person to another for a specific purpose?
What legal term is used to define the delivery of goods by one person to another for a specific purpose?
- Trustee agreement
- Conversion
- Bailment (correct)
- Agent contract
According to the Indian Contract Act, who is the person delivering the goods in a bailment contract referred to as?
According to the Indian Contract Act, who is the person delivering the goods in a bailment contract referred to as?
What is the primary purpose of a bailment according to Section 148 of the Indian Contract Act?
What is the primary purpose of a bailment according to Section 148 of the Indian Contract Act?
What is the primary purpose of banks providing the facility of safe custody of valuables?
What is the primary purpose of banks providing the facility of safe custody of valuables?
What is the legal term used to define the delivery of goods by one party to another to be held in trust for a specific purpose?
What is the legal term used to define the delivery of goods by one party to another to be held in trust for a specific purpose?
In the context of safe custody of valuables, who is the party that delivers the goods to the bank?
In the context of safe custody of valuables, who is the party that delivers the goods to the bank?
According to Section 148 of the Indian Contract Act, what are the two parties involved in a bailment?
According to Section 148 of the Indian Contract Act, what are the two parties involved in a bailment?
What is the contract for delivering goods by one party to another to be held in trust for a specific purpose and returned when the purpose is over?
What is the contract for delivering goods by one party to another to be held in trust for a specific purpose and returned when the purpose is over?
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