Bailment
This query is : Resolved
18 September 2014
duties and rights of both bailor and bailee
and difference between
a contract of indemnity.and guarantee
19 September 2014
Both contracts may be distinguished in the following cases :
1. Difference in Meaning :-
Contract of indemnity : In the contract of indemnity one person promises to save the other from any loss.
Contract of guarantee : In the contract of guarantee one person gives guarantee for the performance of the contract.
2. Difference in the Number of Parties :-
Contract of indemnity : Under the contract of indemnity there are two parties.
Contract of guarantee : Under the contract of guarantee there are three parties.
3. Difference in the Liability :-
Contract of indemnity : Under indemnity contract the basic liability falls on the indemnifies.
Contract of guarantee : In case of guarantee contract surety has the secondary liability.
4. Difference in the Number Of Contracts :-
Contract of indemnity : Under the indemnity contract there is one contract only.
Contract of guarantee : Under the contract of guarantee there must be at least three contracts.
5. Difference in the Nature of Interest :-
Contract of indemnity : In case of indemnity contract, indemnifies has the interest in earning commission and premium.
Contract of guarantee : In case of guarantor he has no any other interest except guarantee.
6. Difference in the Right of Claim :-
Contract of indemnity : The indemnifies cannot sue the third party.
Contract of guarantee : Guarantor is entitled to proceed against the principal debtor in his own name. If he has paid the debt.
7. Difference in the Performance of Contract :-
Contract of indemnity : Contract of indemnity depends upon the possibility of risk or loss.
Contract of guarantee : In case of guarantee there is an existing debt or duty performance about which guarantee is given.
1. Difference in Meaning :-
Contract of indemnity : In the contract of indemnity one person promises to save the other from any loss.
Contract of guarantee : In the contract of guarantee one person gives guarantee for the performance of the contract.
2. Difference in the Number of Parties :-
Contract of indemnity : Under the contract of indemnity there are two parties.
Contract of guarantee : Under the contract of guarantee there are three parties.
3. Difference in the Liability :-
Contract of indemnity : Under indemnity contract the basic liability falls on the indemnifies.
Contract of guarantee : In case of guarantee contract surety has the secondary liability.
4. Difference in the Number Of Contracts :-
Contract of indemnity : Under the indemnity contract there is one contract only.
Contract of guarantee : Under the contract of guarantee there must be at least three contracts.
5. Difference in the Nature of Interest :-
Contract of indemnity : In case of indemnity contract, indemnifies has the interest in earning commission and premium.
Contract of guarantee : In case of guarantor he has no any other interest except guarantee.
6. Difference in the Right of Claim :-
Contract of indemnity : The indemnifies cannot sue the third party.
Contract of guarantee : Guarantor is entitled to proceed against the principal debtor in his own name. If he has paid the debt.
7. Difference in the Performance of Contract :-
Contract of indemnity : Contract of indemnity depends upon the possibility of risk or loss.
Contract of guarantee : In case of guarantee there is an existing debt or duty performance about which guarantee is given.
19 September 2014
For Rights and Duties of Bailor and Bailee see below link--
https://www.icaiknowledgegateway.org/littledms/folder1/bailment-and-pledge.pdf
https://www.icaiknowledgegateway.org/littledms/folder1/bailment-and-pledge.pdf
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
