Pledge is the types of the contract of the bailment. In this pledge there is the bailment in which good are given in the form of the debt or performances of the promise. The bailee is called Pawnee and the other pawn or. From the definition of the Pledge when we talk about it is defined under the Indian contract act where the essentials of the pledge are as follows :
First is that bailment. As you know the concept of the Bailment it means that this is transfer of the property from one person to another for purpose. Pawn or Pledge is the bailment of personal property for the personal debt or performances. Pledge is defined as the defined as the delivery of goods by the debtor to the creditor for the debt money any the obligation.
There are essential of Pledge :
The first essential of Delivery of the goods to be pledged. This is considered as the one of the essentials of the pledge. The pledge will be delivered by the goods. In one of the bailment is that the first character the there should be delivery of the goods. But in this case when you talk about in the case the essential of bailment is similar to one another.
The second essential of the bailment is that a valid contract essential of the any contract. The valid contract is that there should be acceptances which are made by both the parties . In the one of the case it was explained the principle what is the contract the court announced that the contract which was made in the form of the contract was fulfilling the valid contract of the agreement or in simple lay man language it is talking about where it is legal in terms .
There are many essential that are needed to make the contract in terms of the agreement through the contract of the pledge it talks about where the it is indeed through the special contracts. It is considered as one of the essential of the valid contract. There are other set essentials that are needed to consider when we say it is the contract because when the essentials is fulfilled then only we can say it is considered as the pledge. If any essential is not fulling then it cannot be termed as the contract in terms of pledge .