at present the Indian Contract Act may be divided into two parts Part
1:deals with the General Principles of Law of Contract Sections 1 to 75
Part 2:deals with Special kinds of Contracts such as (1)Contract of
Indemnity and Guarantee (2)Contract of Bailment and Pledge
(3)Contract of Agency. 1. Offer 2(a):- When one person signifies to
another his willingness to do or to abstain from doing anything, with a
view to obtaining the assent of that other to such act or abstinence, he is
said to make a proposal. 2. Acceptance 2(b):- When the person to whom
the proposal is made, signifies his assent there to, the proposal is said
to be accepted. 3. Promise 2(b) :- A Proposal when accepted becomes a
promise. In simple words, when an offer is accepted it becomes promise.
4. Promisor and promisee 2(c) :- When the proposal is accepted, the
person making the proposal is called as promisor and the person
accepting the proposal is called as promisee. 5. Consideration 2(d):-
When at the desire of the promisor, the promisee or any other person
has done or abstained from doing or does or abstains from doing or
promises to do or to abstain from doing something such act or
abstinence or promise is called a consideration for the promise. Price
paid by one party for the promise of the other Technical word meaning
QUID-PRO-QUO i.e. something in return. 6. Agreement 2(e):- Every
promise and set of promises forming the consideration for each other.
In short agreement=promise+consideration 7. Contract 2(h):- An
agreement enforceable by law is a contract. Therefore, there must be an
agreement and it should be enforceable by law.
Overall, a contract of indemnity and guarantee is a way for one party to
protect another party from financial loss or other damages resulting
from a specified event or occurrence. It is often used in situations where
there is some level of uncertainty or risk involved, such as in business
transactions or other agreements.
In general, a contract of bailment is a way for one party to temporarily
transfer possession of their property to another party for a specific
purpose. It is a useful legal tool for protecting the rights and interests of
both the bailor and the bailee in situations where temporary possession
