Pledge , Pledgor, Pledgee

Pledge is not a variety of B ailment. Section 172 of the Contract Act defines a pledge as follows: The b ailment of goods as security for payment of a debt or performance of a promise is called Pledge, The bailor in this case is called the pawn er or the pledger and the bailey is called the Pawnee or the pledgee. The bailee under a contract or pledge does not become an owner but acquires a special property over the goods pledged by virtue of his possession of the goods. Any kind of documents, or valuable, things of a personal nature, may be actual or constructive, and it is pledge, it may be actual or constructive, and it is sufficient if the thing pledged is delivered under the contract without a reasonable time of the lender's advance being made.

Sale and Agreement to Sell

A contract of sale of goods includes both,

1. Sale
2. An Agreement to Sell

A contract of sale is defined as " a contract whereby the seller transfer or agrees to transfer the property in the goods to the buyer for a price.

Sale: "Where under a contract of sale, the property in the goods is transferred from the seller to the buyer"

Agreement to Sell: "Where under a construct of sale, the transfer of property in the goods is to take place at a future time or subject to some condition there after to be fulfilled the contract is called an "Agreement to Sale"

An agreement to sell becomes a sale where no time elapses or the conditions are fulfilled subject to which the property in the goods was to be transferred.

Principal and Agent

Agents is a person employed to do an act for another or to represent another in dealing with third parties".

The Person for whom such act is done or who is so represented is called "Principal"

Any one who is of the age of majority, according to the law to which he is subject, and who is of a sound mind may employ an agent, where minor appoints an agent the latter is personally liable.

Any person may be an agent, because it is the principle who is bound by agent's acts. It is for the principal to see his interest and to appoint those person as agent who have contractual capacity.

Offer And Acceptance

Offer: When one person signifies to another his willingness to do or to obtains from doing any thing with a view to abstaining the assent of that other to such act or abstinence, he is said to make a proposal.
A Proposal means an offer. Person making the offer is called Offerer.
Person to whom the offer is made is called offeree.

Acceptance: "When the person to whom the proposal is made signifies his assent thereto, the proposal is said ti be accepted". A proposal when accepted becomes a promise."