Write short notes on (c) Equity of redemption

(a) Meaning and basic features Bailment = the delivery of goods by one person (the bailor) to another (the bailee) for some purpose, upon a contract that the goods shall be returned or disposed of according to the bailor's directions once the purpose is accomplished. The word from the French bailler (to deliver). The essential movement is of possession, not ownership — and the same goods must return (distinguishing bailment from loans for consumption and from sale). Instances: the sari at the tailor's; the scooter at the service centre; jewellery in a bank locker; parcels with a courier; goods with a carrier; securities with a pledgee. The Nepali frame: the Muluki Civil Code 2074, Part 5, Chapter 8 (Contracts of Bailment). Basic features (the six): Delivery of possession — actual, constructive or symbolic (delivering a key or document of title); mere custody without possession (the servant holding tools) is not bailment; Specific, existing, movable goods — not immovables, not the intangible-in-action; A lawful purpose — safekeeping, use, repair, carriage, security; Return of the identical goods (or disposal as directed) — no consumption; Voluntary acceptance by the bailee — the bailee must know what he holds; A contract — the general contract law's essentials apply; gratuitous bailments still bind on acceptance. (b) Types of bailment By reward: bailment for hire/reward (carriage,…