Pledge In Indian Contract

Summary

A pledge in the Indian Contract Act, 1872, is a bailment of goods as security for debt repayment or promise fulfillment. The person pledging is the pawnor, and the recipient is the pawnee. This concept is governed by Sections 172 to 179 of the Act.

Full Conversation

in creative
Sure! Here's a creative introduction to the concept of pledge under the Indian Contract Act, *:
Imagine a world where trust is built on tangible promises. A pledge, a fascinating dance between trust and obligation, is where one party, the pawnor, hands over their cherished goods to another, the pawnee, as a solemn vow to repay a debt or fulfill a promise. It's a beautiful exchange governed by Sections * to *, where every item tells a story of commitment and trust.
Is there another aspect of the pledge you would like to explore?
in academic
The pledge in the Indian Contract Act, *, can be academically described as follows:
- Definition: A pledge is a bailment of goods as security for payment of a debt or performance of a promise.
- Parties: The person pledging the goods is the "pawnor," and the recipient is the "pawnee."
- Legal Provisions: Covered under Sections * to * of the Act.
Would you like to know about any specific section within these provisions?