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of <h1>Section 178: Valid Pledge by Mercantile Agent with Owner's Consent and Pawnee's Good Faith Under Indian Contract Act.</h1> Section 178 of the Indian Contract Act, 1872, addresses the pledge of goods by a mercantile agent. If a mercantile agent, with the owner's consent, possesses goods or their title documents, any pledge made by the agent in the ordinary course of business is valid as if the owner had expressly authorized it. This validity holds provided the pawnee acts in good faith and is unaware that the agent lacks authority to pledge. Terms like 'mercantile agent' and 'documents of title' are defined as per the Indian Sale of Goods Act, 1930.
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