State the essential elements of contract of pledge.
Answers
Explanation:
- offer.
- acceptance.
- consideration.
- mutuality of obligation.
- competency and capacity;and in certain circumstance.
- a written instrument..
please mark me as brainlist ..
please vote me ..
please follow me..
Answer:
Hey mate your answer is:-
The 7 essential elements of a contract are the offer, acceptance, meeting of the minds, consideration, capacity, legality, and sometimes a written document.
Following are the important essentials of the pledge: Moveable Property: The pledge is concerned with the movable property. All types of goods and valuable documents are included in it. Transfer of Possession: In case of pledge only possession, of goods transferred by the pawnor to the Pawnee.
There shall be a bailment for security against payment or performance of the promise, The subject matter of pledge is goods, Goods pledged for shall be in existence, There shall be the delivery of goods from pledger to pledgee, There is no transfer of ownership in case of the pledge.