The bailor in a pledge transaction is referred to as_________________?
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Answer: A. Pawnor
Explanation
In a pledge transaction, the bailor who delivers the goods is legally referred to as the pawnor. Contract law establishes precise terminology to define parties involved in bailment and pledge agreements. Using correct legal terms ensures clarity when drafting commercial and financial security documents. Contract acts govern commercial transactions including bailments, pledges, hypothecations, and guarantees. A pledge involves the bailment of goods as security for payment of a debt or performance of a promise. Legal definitions protect both lenders and borrowers by outlining their reciprocal rights and duties.
Banking institutions enter into numerous pledge agreements when securing loans against movable assets. Commercial lawyers rely on contract law definitions to resolve disputes over defaulted loan collaterals. Understanding these terms helps businesses navigate commercial borrowing and asset security regulations safely. The pawnee refers to the bailee or lender who receives the pledged goods as security. Choosing both a and b is incorrect because pawnor and pawnee represent opposite parties in a transaction. The option none of above is wrong because pawnor is the exact statutory term for the bailor.
- Subject
- Law
- Category
- Judiciary and Law
- Topic
- —
- Difficulty
- medium
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