BRFW U-2 Special Contract PDF

# BRFW U-2 ## Special Contract 1. **Indemnity** - It is a form of insurance compensation for damage or loss. - It's a contractual agreement between two parties. 2. **Guarantee** - It's between three people where the third person intervenes to pay the debt if the debtor is failing....

# BRFW U-2 ## Special Contract 1. **Indemnity** - It is a form of insurance compensation for damage or loss. - It's a contractual agreement between two parties. 2. **Guarantee** - It's between three people where the third person intervenes to pay the debt if the debtor is failing. - The parties are the principal debtor, creditor and surety. 3. **Bailment** - It is the delivery of goods by one person to another for some purpose upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them. 4. **Pledge** - It is defined as to give something as security for a loan. - The parties are pledgor and pledgee. 5. **Contract of sale of goods** - It is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. - The essential elements are: - There must be two parties: the buyer and the seller - The subject matter of the sale is the goods - The goods should pass from seller to buyer - Payment should be made in the country's legal currency. 6. **Condition** - It is a fundamental precondition on the basis of which the whole contract is based upon. - This is mandatory for a contract. - It must be performed prior to the completion of another action. 7. **Warranties** - It is the written guarantee where the seller commits to repair or replace the product in case of any fault in product. - These are additional sets of sales. - It is the promise from the seller side. 8. **Transfer of ownership** - In case of sale, the ownership of the goods is transferred to the buyer immediately but in an agreement to sell - the ownership of the goods is transferred to the buyer at some future date. - Transfers of ownership in different stages of specific goods: - Goods in a deliverable state - Goods are not in a deliverable state - When price has to be ascertain 9. **Performance of the Contract of Sale** - It means delivery of goods by seller & acceptance & delivery of goods & payment for the same by buyer. - The seller shall be ready & willing to give procession of the goods to the buyer in exchange for the price & the buyer shall be ready and willing to pay the price in exchange for possession of the same. - It may be absolute or conditional. - It includes both a sale & an agreement sell. - The stages involved are: - Offer - Acceptance - Consideration - Intention to create legal relation. 10. **Unpaid Seller and his rights** - When the buyer of goods doesn't pay his dues to the seller, the seller becomes an unpaid seller and now the seller has certain rights against the buyer. - **Right against the goods:** - Right to lien/possession - Right to stoppage of goods in transit - Right to resale - **Right against buyer:** - Suit for price - Suit for damages - Suit for interest