Which of the following are the essential elements in a
contract of pledge?
ADelivery of the goods must be for some specific purposeCorrect AnswerIncorrect Answer
BDelivery of possession of the goods for the repayment of a debt or the performance of a promiseCorrect AnswerIncorrect Answer
CBoth a & bCorrect AnswerIncorrect Answer
DEither a or bCorrect AnswerIncorrect Answer
Solution
172. ‘Pledge’, ‘pawnor’ and ‘pawnee’ defined—The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’. The bailor is in this case called the ‘pawnor’. The bailee is called ‘pawnee’.