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Distinguish between contracts of bailment and pledge

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Bailment:

When the goods are temporarily handed over from one person to another person for a specific purpose, it is known as bailment.

The person who delivers the goods is known as the Bailor while the person to whom the goods are delivered is known as Bailee.

Consideration: May or may not be present.

The party whom goods are being delivered has no right to sell the goods.

Pledge:

When the goods are delivered to act as security against the debt owed by one person to another person, it is known as the pledge.

The person who delivers the goods is known as Pawnor while the person to whom the goods are delivered is known as Pawnee.

Consideration: Always present.

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