Write explanatory notes on any three of the following: (a) Ex-ship contract. (b) Equitable estoppel. (c) Contract of indemnity. (d) Bailment. (e) Double Insurance

(a) Ex-ship contract: is a contract whereby the seller accepts the responsibility of delivery of goods to the buyer from the ship which has arrived at the port of delivery. The risk in the goods throughout the transit vests in the seller. Thus if the goods are destroyed before the buyer has taken actual delivery, the seller must bear the loss.

(b) Equitable: Estoppel is an exception to the general rule that all simple contracts must be supported by consideration. The doctrine of equitable estoppel provides that where a person makes a promise to another by which he intends to effect legal relation between them, and the promisee acts upon it, the court will treat the promise, even if unsupported by consideration, as binding on the promisor to the extent that he will not be allowed to act inconsistently with it ( Central London Property Trust Ltd. v High Trees House Ltd, 1947).

(c) Contract of Indemnity: is a contract whereby one party accepts complete responsibility to save another from loss caused to him by the conduct of another person. The person who promises to make good the loss is called an indemnifier. A contract of indemnity is valid even it is not supported by any written evidence.

(d) Bailment: is the delivery of goods from one person called the bailor, to another person called the bailee, on the condition express or implied in the contract that the goods shall be returned to the bailor as soon as the purpose for which they have been bailed has been completed.

(e) Double Insurance: is where a person arranges insurance with more than one insurer in respect of the same subject-matter and the same risk. If the property insured is completely destroyed by fire or otherwise, he can only recover the insured sum from one insurer or from all of them. He is not however allowed to claim more than the insured sum from all the insurers. The only advantage of this type of insurance is that if one of the insurers is insolvent at the time the claim arises, the insured can enforce his claim against the solvent insurer.

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