10 Questions
What is the primary function of a bank according to the text?
Earning fee based income
What is the relationship between a customer and a bank when goods are given for safe keeping?
Bailor and bailee
What legal term is used to define the delivery of goods by one person to another for a specific purpose?
Bailment
According to the Indian Contract Act, who is the person delivering the goods in a bailment contract referred to as?
Bailor
What is the primary purpose of a bailment according to Section 148 of the Indian Contract Act?
To hold goods in trust for a specific purpose
What is the primary purpose of banks providing the facility of safe custody of valuables?
To earn a fee based income
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?
Bailment
In the context of safe custody of valuables, who is the party that delivers the goods to the bank?
Bailor
According to Section 148 of the Indian Contract Act, what are the two parties involved in a bailment?
Bailor and Bailee
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?
Bailment
Test your knowledge about banking products and safe custody services provided by banks. Learn about the obligations and functions of banks in relation to the safekeeping of valuables and the legal terms associated with it.
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