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Commerce · Q393

Legal Aspects of Business

Graduate and Post Graduate · Commerce · question 393

Q393

X transfers possession or custody of the farmland to his son, S. S shall pay rent or a lease fee in return. S only receives custody and control of the property, but X still owns it. X is thus responsible for paying the property taxes and is liable for what happens on the land. This kind of contract or arrangement is called:

A.
Guarantee
B.
Bailment
Answer
C.
Pledge
D.
Set off

Answer: Option B

Solution

Answer: Option B
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